Day: October 15, 2018

QLD Rural Debt Survey Presentation

Recently had the opportunity to attend a presentation by Qld Rural and Industry Development Authority (QRIDA) to local agricultural industry bodies, accountants and financial institutions in relation to the 2017 Qld Rural Debt Survey as well as their Farm Debt Services.

About QRIDA

QRIDA has been supporting Queensland’s primary producers for more than 20 years, providing opportunities to build business sustainability and profitability, recover from drought and natural disasters and pursue their business goals.

QRIDA have nine (9) Regional Area Managers located throughout Queensland who can meet with clients and stakeholders on property to discuss individual goals and situations, explain  different schemes and walk through the application process. At QRIDA, they’re excited to partner with rural industry to develop and improve regional communities.

Pertinent Points From 2017 Survey – Sugar

• 6% of overall rural debt in Qld relates to sugar of which 80.70% is rated viable under most/all circumstances
• 8% of sugar debt is located in Northern Coastal Qld – Mackay to Cairns
• Sugar industry debt in Northern Coastal Qld – total debt $880m an increase of 7.64% over previous survey conducted in 2011, number of borrowers 1668 an increase of 15.75%, average $ debt per borrower $528k a decrease of 7.01%

Farm Debt Services

1. Farm Business Debt Mediation

• Improve efficient and equitable pathways for farmers and mortgagees

2. Farm Debt Restructure Office

• Create proactive communication and actions between lenders and primary producers – “financial distress”