Water Week

EWN Publishing

Off-farm assets limits for access to exceptional circumstances interest rate subsidy increase from $473,000 to $750,000: more farmers and small businesses likely to seek assistance

Posted by waterweek on 3 October 2007

According to Gary Sansom, in Queensland Country Life, (27/09/2007, p.9), an increase in the off-farm assets limits for access to the exceptional circumstances interest rate subsidy from $473,000 to $750,000 would enable an increasing number of farmers and small businesses to access exceptional circumstances (EC) assistance.

Easing pressure off rural communities: During 2006-07 about 3000 Queensland farmers and small businesses received EC assistance. While drought-stricken farmers were under enormous pressure, so too were the rural communities and the small businesses in those regions.

Boost for rural economies: The drought package announced by the PM would allow more farmers access to drought funding by easing assets tests on access to EC financial assistance. It would also provide help for irrigators and would boost support for rural-dependent small businesses.

Longer recovery period: Also encouraging was that the time-frame of two years acknowledged that there would be a longer recovery period once the drought did end.

Queensland Country Life, 27/9/2007, p. 21

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