Loans to farmers surge 9.4% year-on-year
Lending to Australia’s agribusiness sector has surged to record levels, surpassing $131 billion for the first time, according to the Australian Banking Association (ABA).
The milestone reflects a 9.4% increase in the year to September, underscoring the banking sector’s commitment to supporting the nation’s agricultural industry.
The announcement comes as the ABA celebrates National Agriculture Day by highlighting the critical role banks play in driving growth and innovation across Australia’s farming sector.
ABA chief executive Anna Bligh (pictured above) said the banking industry remains committed to ensuring farmers have the financial resources they need to succeed, describing agriculture as a vital pillar of the economy.
“Aussie farmers are the workhorses of our economy,” Bligh said. “Australian banks are deeply invested in the success of agribusinesses, standing by farmers through good times and tough times.”
According to Bligh, banks provide a range of financial support to farmers, including loans for livestock, equipment, and infrastructure, as well as assistance during natural disasters.
“A strong farming sector helps drive Australia’s economic growth,” she said. “It’s critical that farmers have access to the credit they need 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.”
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