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Farm deposits take off
25 Nov 2004
Deposits under the Farm Management Deposit Scheme are growing strongly. Farm management deposits provide tax relief for farmers willing to save a buffer against drought and other poor trading conditions. The interest rates under the deposits are up to the banks, but are similar to interest rates on term deposits. Department of Agriculture, Fisheries and Forestry figures show 43,000 primary producers are using the scheme, with deposits of $2.62 billion at June. The average deposit per holder is $60,500.
The Advertiser, 25/11/04
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