North Queensland Cattle Industry Reconstruction

North Queensland Cattle Industry Reconstruction

 

Following the recent devastating floods in North Queensland and the significant impact it has had on the Queensland Livestock industry, the Prime Minister has announced the establishment of the North Queensland Livestock Industry Recovery Agency.

The Agency will be developing a long term plan to help rebuild the industry to ensure that farming families can stay on the land.

The plan will include new programs to provide access to seed funding to rebuild on-farm infrastructure like fences, water infrastructure, as well as restocking herds.

Assistance to farmers does not start and finish at the farm gate. Ensuring families have the financial capacity to continue is of paramount importance. It is in this context that the Government has written to each of the banks who have lent to flood-affected farmers reminding them of their obligations to their impacted farming customers and urging them to:

  • not foreclose or force the sale of farms for three years;
  • defer interest and principal repayments where appropriate for three years; and
  • commit to continue lending for stock and herd replacement.

The Government is working with individual banks to finalise the details of what each will offer. As part of the arrangements being discussed, the Government has offered banks low-cost loans which they would be required to pass on to eligible farmers in lower interest rates. This will help those farmers to stabilise their financial position - and is estimated to be worth up to $2 billion.

The Government, through the Australian Tax Office is taking further steps to provide assistance to flood-affected taxpayers by deferring the due date of tax payments and lodgements, remitting interest and penalty charges on tax debts, fast tracking income tax and GST refunds.

Understanding the considerable stress that many in regional Queensland are under, the Government has allocated $2.6 million to support the mental health of communities with additional telehealth services.

Our farming families are the life blood of Queensland, providing the food and fibre we all need. It is therefore important that we act and provide whatever assistance we can to support them in their hour of need.

< Return

Authorised by Andrew Wallace MP, Liberal National Party, 11/10 Lake Kawana Blvd, Bokarina, QLD, 4575