At a meeting last week, the Agri Finance Alliance Western Australia, comprising the state’s major banking institutions, acknowledged the widespread impact frost has had on crop yields and projected profitability, as well as farming families and communities.
At least four significant frosts occurred between August and October that caused moderate to large crop losses across the Central and Eastern Grainbelt, as well as the Great Southern and the Lakes District, in particular.
“I commend the Alliance’s support for affected farm business through this difficult time and to consider carry-on finance so growers can prepare their 2017 cropping with certainty,” Webb said.
Agri Finance Alliance Chairman Andrew Clark said affected farm businesses should contact their banking institution as soon as possible to start working through their situation and secure financial arrangements for next season.
He said the Alliance encouraged growers and their families whose businesses had been affected by frost to seek support.
“Free, confidential services like the Rural Financial Counselling Service of WA can assist with information and options to aid decision making, while the Regional Men’s Health Initiative provides health and wellbeing support,” Clark said.
With harvest in full swing, Webb said it was a timely reminder for growers to consider farm business risk management to protect their income from the impact of unforeseen events, like frost.
A one-off rebate of $2500 is available to assist businesses with applications for multi-peril crop insurance from the Commonwealth’s Managing Farm Risk program.
Farm Management Deposits are another option that allow growers who earn less than $100,000 in off-farm income to deposit funds, tax free.
Families experiencing financial hardship can also access Farm Household Allowance support payments, while the Department of Agriculture and Food has Farm Business Training programs to assist with short and long term planning and also frost support services, cropping tools and advice.
For more information about frost support services crop tools and advice and research and development visit agric.wa.gov.au and search for ‘frost tools and support’.
