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Farmers benefit from rate cuts and lower dollar
9 Oct 2008
The Reserve Bank''s one per cent cut to official interest rates will save the average farmer with the typical debt load of $420,000 about $3,000 per year. If the bank''s had passed on the full one per cent to their borrowers, farmers would be saving $4,000 per year. Rural debt loads grew last financial year said the RBA. Farmers were enjoying the lower Australian dollar which had helped to offset lower commodity prices said the NFF. Farm incomes will benefit from an extra 5 billion from the 27 per cent depreciation in the Australian dollar said the NFF.
The Australian Financial Review, 09/10/2008
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