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Federated Farmers president and commerce spokesperson Andrew Hoggard.
Farmers are throwing their support behind the Farm Debt Mediation Scheme.
The scheme requires creditors to offer mediation to farmers who default on payments before they take any enforcement action.
Federated Farmers says the scheme is one farmers would hope to never have to use, but it’s a useful backstop if a farm’s finances do go pear-shaped.
"We strongly supported this legislation as it was shaped and debated by the select committee and Parliamentary processes over the last year or so and we’re glad it’s now in place," says Federated Farmers president and commerce spokesperson Andrew Hoggard.
The Federated Farmers May 2020 Banking Survey showed more than 80% of farms carry a mortgage and overdraft.
While 69% of the 1,400 farmers who responded were ‘satisfied’ or ‘very satisfied’ with their banks, 19% felt ‘under pressure’ from their banks, rising to 28% among arable farmers.
"It’s an uneven playing field in terms of available resources when a farmer and bank are in dispute. This legislation provides a platform for mediated communication," says Hoggard.
"Although we hope it won’t have to be used very often, it will have done its job if it helps banks and farmers find enduring and sustainable solutions before it is too late."
Farmers wishing to access the scheme should visit the MPI website.
According to the latest Federated Farmers banking survey, farmers are more satisfied with their bank and less under pressure, however, the sector is well short of confidence levels seen last decade.
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Farmers are welcoming the announcement of two new bills to replace the under-fire Resource Management Act.
The Government has announced it will immediately roll over all resource consents for two years, with legislation expected to pass under urgency as early as this week.
Federated Farmers has launched a new campaign, swapping "The Twelve Days of Christmas" for "The Twelve Pests of Christmas" in an effort to highlight the most troublesome farm pests.
Additional tariffs introduced by the Chinese Government last month on beef imports should favour New Zealand farmers and exporters.
Primary sector leaders have praised the government and its officials for putting the Indian free trade deal together in just nine months.
Primary sector leaders have welcomed the announcement of a Free Trade Agreement (FTA) between India and New Zealand.
Dairy farmers are still in a good place despite volatile global milk prices.
Legal controls on the movement of fruits and vegetables are now in place in Auckland’s Mt Roskill suburb, says Biosecurity New Zealand Commissioner North Mike Inglis.
Arable growers worried that some weeds in their crops may have developed herbicide resistance can now get the suspected plants tested for free.
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