Rural NZ top of mind in Copper Services Investigation
The Commerce Commission says connectivity options for rural New Zealanders are front-of-mind as it begins a formal investigation into the future of the copper network.
THE COMMERCE Commission's decision to issue legal proceedings against three major banks over their sales of interest rate swap contracts to rural customers is great news, says Damien O'Connor, Labour spokesperson for Primary Industries.
O'Connor says the decision has been a long time coming and so-called swaps loans were misrepresented to rural customers.
"This move by the Commerce Commission is an important step forward in finding out what effect these banking products have had on rural New Zealand," says O'Connor.
"I must also acknowledge the advocacy work by (Wairarapa farmer) Jeanette Walker who was determined to seek justice for the many farmers who found themselves in difficult situations as a result of these swaps loans. Without her tireless commitment it is doubtful the Commission would have initiated this inquiry.
"In simple terms, a swaps loan is a type of fixed rate loan, sold to farmers as a way to manage their interest rate risk. What many were not told was that the bank could increase its margins if they considered the farmer became high risk. This has put some famers under huge financial pressure.
"Farmers are losing their farms as a result of hard sell tactics by banks who have locked them into high interest rates they can't escape unless they pay hefty break fees.
"These tactics have destroyed the important trust relationship that needs to be built between the rural sector and banks as partners in farming for the future."
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New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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