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Abolish low-interest farm loans and scale back disaster relief, says audit Abolish low-interest farm loans and scale back disaster relief, says audit
(4 months later)
The The government should abolish low interest loans for farmers except in the case of drought relief and should pare back disaster relief payments, according to the Commission of Audit.
government should abolish low interest loans for farmers except in the case of
drought relief and should pare back disaster relief payments, according to the Commission of Audit.
It would also cut funding for the Rural Research and Development Corporation, which is jointly funded by government and industry.It would also cut funding for the Rural Research and Development Corporation, which is jointly funded by government and industry.
The The Farm Finance Concessional Loans Scheme was introduced under Labor to help farmers improve their productivity and restructure business. Interest is currently charged at 4.5%.
Farm Finance Concessional Loans Scheme was introduced under Labor to help This is separate to the recently announced – and yet to start – drought concessional loans, which will be offered at an interest rate of 4%.
farmers improve their productivity and restructure business. Interest is The commission also recommends a restructure of disaster relief which if implemented would see the end of a Newstart-style payment to employees, small business and farmers for loss of income for up to 13 weeks. The Disaster Recovery Allowance is designed to provide short-term income support.
currently charged at 4.5%. The commission says the payment provides “poor signals to employers to undertake better business and risk planning”.
This The commission would also abolish the commonwealth’s Natural Disaster Relief and Recovery Arrangements on the grounds that it duplicates state responsibilities.
is separate to the recently announced – and yet to start – drought concessional They recommend instead one-off grant payments on per-disaster basis. Due to recent disasters, the commission says “large and volatile expenditure poses significant and on-going risks to the budget”.
loans, which will be offered at an interest rate of 4%. It suggests the disaster grants based on each disaster paid at between 25-33% of estimated reconstruction costs.
The
commission also recommends a restructure of disaster relief which if
implemented would see the end of a Newstart-style payment to employees, small
business and farmers for loss of income for up to 13 weeks. The Disaster
Recovery Allowance is designed to provide short-term income support.
The
commission says the payment provides “poor signals to employers to undertake
better business and risk planning”.
The
commission would also abolish the commonwealth’s Natural Disaster Relief and
Recovery Arrangements on the grounds that it duplicates state responsibilities.
They
recommend instead one-off grant payments on per-disaster basis. Due to recent
disasters, the commission says “large and volatile expenditure poses
significant and on-going risks to the budget”.
It
suggests the disaster grants based on each disaster paid at between 25-33% of
estimated reconstruction costs.