Rural banking inquiry coming?

Farmers could quickly get their want for an impartial inquiry into rural banking.

Parliament’s main manufacturing committee has opened “a briefing” to analyze considerations raised by farmers concerning the banking sector.

Committee chair and Northland dairy farmer Mark Cameron, ACT, informed Rural Information that committee members have heard the rising considerations and requires a briefing into the agricultural banking sector and responded.

“Farmers and growers have voiced their considerations over what they are saying is a ‘disparity’ between rural and concrete banking.

“The choose committee has opened a briefing on this to establish if the truth is these considerations are based and the way they could be addressed.”

Federated Farmers, which has been pushing for the inquiry, is claiming a significant advocacy win.

“That is one thing we’ve been calling for since September final 12 months, so it’s good to see the politicians are sitting up, taking discover, and doing one thing about it,” says Feds dairy chair Richard McIntyre.

“Whereas it is probably not a full-scale inquiry simply but, it’s a optimistic first step ahead that may permit Members of Parliament to take a a lot nearer take a look at the problem.

 “I’m hopeful that when they get their heads beneath the hood and begin wanting round, they’ll be capable to see the place issues aren’t working in addition to they may very well be, and get to work sorting it out.”

 Federated Farmers survey members each six months on banking points, and the outcomes of the newest survey are of actual concern, famous McIntyre.

“Farmer satisfaction with their banks is at an all-time low, and the variety of farmers reporting they’ve come beneath undue stress from their financial institution is at an all-time excessive.

 “Issues are clearly not nicely within the rural banking system. That’s why Federated Farmers have been so vocal in calling for an impartial inquiry.

 “It’s nonetheless very early days, and we’re but to see the phrases of reference, however we will certainly be participating on this course of on behalf of our members.”