Top Performing Farms Thrive Despite 27% Increase in Operating Costs
The cost of running a New Zealand farm is now 27% higher than it was before Covid, putting sustained pressure on profitability acrfoss the sector, according to new ANZ research.
ANZ managing director of commercial and agri Mark Hiddleston says a number of farmers are facing devastating damage from the aftermath of Cyclone Debbie.
“We’re offering targeted assistance to help the farming community recover from the damage caused by flooding. Our package is about helping take financial pressure off farmers and business owners then helping them get their operations back into production.”
The options available for those affected are:
- Suspending loan principal repayments;
- Waiving fees associated with restructuring business loans considered necessary due to impacts of extreme weather;
- Waiving fees for term finance and investments to help get operations back into production;
- Access to term deposits with the usual stand-down period; and
- Providing access to discounted short-term funding to help farmers get through the immediate challenges while also protecting their long-term productivity.
ANZ relationship manager Jason Parkinson who lives in Edgecumbe has seen the damage first hand.
“The first priority for our community was to make sure everyone got out safely,” Parkinson said. “Today we are out with some of our farming customers who are facing some big challenges around getting stock to dry land and milking.”
Hiddleston says farming and business customers impacted by flooding should speak to their Relationship Manager to discuss the impact on their farm or business and discuss their funding requirements.
