Struggling Victorian farmers will have access to a share of $30m in low interest loans from Friday.
The federal and Victorian governments approved the package which will allocate loans at a 4.5 percent concessional interest rate as opposed to commercial loans that attract rates up to 16 percent as reported by The Australian.
Federal Agriculture Minster Joel Fitzgibbon said that he was ‘determined’ to secure a total of $420m in low interest concessional loans to ensure that farmers can get back on their feet.
“That is my key focus and I’m determined to do it as quickly as possible..,. I recognise that some dairy farmers are facing pressures,” said Fitzgibbon.
The assistance however does not appear likely to extend to struggling dairy and beef farmers between Colac and Koroit who have run out of grass to feed their herds.
Metropolitan consumers are being encouraged to donate to farmers in need through the Aussie Helpers Buy-a-Bale website, which has already raised $200,000 over the past four weeks for drought stricken farmers.
Victoria’s Southwest represents a major dairy production region and it has been reported that many cattle in the area have died from malnourishment.