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Farmers go further into debt
29 Sep 2008
Average farm debt has risen to about $420,000 per farm according to the latest figures from ABARE. Increasing land values have allowed most broad acre farmers to maintain more than 85 per cent equity in their properties. More debt was going to capital purchases, rather than borrowing to fund property purchases said ABARE. NAB said there was a lot of borrowing going towards farm machinery and working capital due to the shortage of labour. Farm debt is expected to decline in the coming year.
The Australian Financial Review, 29/09/2008
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