Members of the Victorian Farmers Federation’s (VFF) Board met with representatives of the major bank lenders to agribusiness at a meeting in Melbourne on Monday convened between the VFF and the Australian Bankers Association (ABA).

VFF President Andrew Broad said the meeting was an opportunity for farmers and bankers to discuss the current financial position of the farming community.
 
“The VFF has always encouraged an honest dialogue between farmers and the banks, both at an organisational level and locally,” Mr Broad said.

“The most important financial step that a farmer can take when experiencing hardship is to keep an open conversation with their banker to ensure as many options as possible remain on the table when times get tough.”

“Monday’s meeting was an opportunity for the VFF to discuss the potential impact if Exceptional Circumstances (EC) declarations are not rolled over across the state in the next few months. I updated bank representatives directly on our concerns for VFF members particularly in the North of the state and across the Sunraysia region.”

“The changing face of Victorian agriculture was also discussed with appropriate succession planning emphasised as critical to the sustainability of farming into the future. The purchase of additional property, expansion of operations and capital for farm improvements were identified as the three key areas where farm debt was mostly positioned.”

“Victorian farmers welcomed the opportunity to meet with members of the ABA and are pleased with the continued confidence the banks are showing in the farming sector moving forward,” Mr Broad concluded.
 
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