Water Week

EWN Publishing

Weird: Farm management deposits increase in drought: av balance at $68,600 in the June quarter, an increase of $2600, or 4 per cent, on the previous record

Posted by waterweek on 27 September 2007

The average farm management deposit was $68,600 in the June quarter, an increase of $2600, or 4 per cent, on the previous record set a year earlier while deposits rebound to $450 million during the quarter, canceling the earlier withdrawal, reported George Megalogenis, in The Australian, (26/09/2007, p.4), quoting latest official statistics, released last week.

Follows previous trend: This fit well with the patterns of previous financial years, when cash flowing into and out of the accounts appeared to be driven by tax considerations rather than rainfall.

Average balance up while number of accounts slide: The total amount held at the end of June was $2.78 billion, the second-highest after last year’s record of $2.8 billion. But the average balance still increased from $66,000 to $68,600 because the number of accounts fell by 1791 to 40,574. The average account balance had increased every year since the inception of the scheme in 1999.

Average $20000 growth in savings: When the drought hit in 2002, the average balance was $47,800. A total of $2.1 billion was saved, spread over 43,400 accounts. Five years later, the average balance had increased by almost $20,000 and there was an extra $680 million in total set aside.

The Australian, 26/9/2007, p. 4

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