Press Release

Tony_seabrook

PGA WELCOMES FMD REFORMS

2013-04-30

The Pastoralists and Graziers Association, has welcomed the Federal Government’s decision to increase Farm Management Deposits’ (FMD) non – primary production threshold from $65,000 to $100,000 as part of the Farm Finance program announced on Saturday.

 

“Farm Management Deposits are the most important risk management tool for primary producers and these improvements will provide them with greater flexibility in managing their income streams,” PGA Vice President Tony Seabrook said.  “However it is also essential to at least double the current ceiling on FMDs to accommodate the change in the scale of farming enterprises over the past ten years.”

 

“The PGA, which was instrumental in establishing the introduction and use of FMD’s, has always advocated that non primary production should be included within the scheme and that further changes including allowing Trusts to hold FMD’s should be adopted.”

 

“FMD’s allow viable farm businesses to adequately prepare for those periods when their farm income will drop and with many farmers and pastoralists now relying on off-farm income to keep their businesses afloat the lifting of the threshold will provide a much needed boost in their risk management programs.” 

 

“Government grants and concessional loans are only a short term fix for agriculture.  What is required is for our political leaders to address a long list of impositions and impediments, many of which are revenue raising taxes.  These have a massive impact on the profitability of primary producers and rural businesses.”

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