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Victorian farmers struggle to stay on land
21 Feb 2008
The drought is estimated to have cut about 3.75 per cent of Victoria's gross domestic product growth for 2007-08 and almost 60 per cent of the state's regional businesses say that their revenue and sales have fallen. The benefits from strong demand and rising commodity prices are largely being lost as farmers struggle to service carry-over debt as well as pay higher prices for fuel, fertiliser, freight and interest rates according to the president of the Victorian Farmers Federation, Simon Ramsay. Concerns are growing that banks will pursue foreclosure rather than mediation, particularly in the horticultural sector where farmers are facing sharp rises in the cost of water on top of all the other cost increases.
The Australian Financial Review, 21/2/2008
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