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Rabobank support for flood-affected farmers

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Rural banking specialist Rabobank  has once again come to the assistance of clients impacted by damage from severe flooding in the regions of New South Wales, Victoria and Queensland.

Similar to the support package announced by the bank early last month during flooding in parts of eastern Australia, a range of measures is being taken to extend support to farming clients in current flood-affected areas, says Rabobank general manager Rural Australia Peter Knoblanche.  

Rabobank clients are eligible for a range of support measures:  

  • Deferral of scheduled loan payments 
  • Waiving of break costs on early redemption of farm management deposits 
  • Waiving of fees on loan increases necessary to assist in rebuilding operations 
  • Waiving of fees for equipment finance contract variations
Mr Knoblanche observed that agricultural producers will be among the industries bearing the economic brunt of these severe floods, particularly in the short-term with large areas of farmland affected.

While the abundant rainfall would be of significant benefit to the farming sector in the longer term, particularly going into the winter cropping season, Mr Knoblanche said that it was causing a number of short-term hardships for affected farmers.

Key concerns include crop damage, constrained yields and the impact on harvest for summer crops including cotton from the flooding and excessive rainfall. Some farmers are also facing costly repairs to damaged infrastructure such as fences, dams, levees and roads.  

Livestock losses were also a concern, though not significantly but pasture damage will be an issue for graziers. In some areas, where the stock is stranded on higher ground, additional feed may be required.

Rabobank will work directly with clients in the affected areas to help support them through the current difficulties. Rabobank staff is currently in the process of contacting clients in the flood-affected areas to check on their wellbeing and offer assistance.

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