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Rate cut saves farmers
3 Sep 2008
The latest interest rate cut of 0.25 per cent announced yesterday by the Reserve Bank of Australia will save the average farmer $800 to $1,000 per year. The average debt load on a broad acre farm is $436,000 says ABARE. Average dairy farm debt is about $518,000. The Commonwealth Bank says many farmers had locked in lower rates and had avoided much of the pain of rate hikes in 2008. Tractor sales have boomed this year to their highest level in more than thirty years as more farmers move into grain cropping.
The Australian Financial Review, 03/09/2008
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