Australian banks continue to back growth and innovation across the farming sector with agribusiness lending now at record levels, exceeding $131 billion for the first time.
The Australian Banking Association (ABA) recently highlighted the banking sector’s ongoing support for Aussie farmers for National Agriculture Day.
Lending to agribusinesses has skyrocketed over the last year, rising 9.4 per cent in the year to September to a record $131 billion.
ABA chief executive officer Anna Bligh said banks would continue to back Australia’s agriculture industry, ensuring farmers had the financial resources they needed to thrive.
“There is no doubt that Aussie farmers are the workhorses of our economy,” she said.
“Australian banks are deeply invested in the success of Australian agribusinesses. Banks will always be there with our farmers during the good times and through the tougher times.
“Whether it be loans for livestock and new machinery or hardship assistance in times of natural disasters, Australian banks will continue to stand side-by-side with our agricultural producers.”
Ms Bligh said a strong farming sector helped drive Australia’s economic growth and it was critical farmers had access to the credit needed to grow and innovate.
“As the farming sector evolves, banks will continue to collaborate with the sector, governments and industry stakeholders to ensure product and service offerings support the needs of Australian agriculture long into the future.”
