Farm businesses seeking assistance to plan their budgets will have better access to the Rural Financial Counselling Service (RFCS) thanks to more than $1.6 million additional funding from the Coalition government.
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This free service will assist farmers, including those transitioning off financial support from the Farm Household Allowance (FHA), by giving them access to professionals to build financial self-sufficiency.
The Coalition government recognises that tough times can put severe pressure on farmers trying to manage farm and household budgets.
Farmers will soon reach the end of their three year entitlement to the FHA and may need some additional financial assistance.
Many farmers will have improved their financial circumstance while on the allowance but for others the additional guidance will be beneficial.
FHA has helped more than 7300 farmers since July 2014. The government is also supporting farmers exiting the FHA by extending eligibility to Farm Business Concessional Loans which can be used for refinancing existing debt.
The Coalition government strongly supports the RFCS, which has supported rural communities for over 30 years, and this further funding boost will ensure Rural Financial Counselling Service providers are effectively resourced to manage demand from farmers.
The additional resources for RFCS providers will enable them to retain skilled professionals to support farmers with business planning and farm debt mediation
The government is working to strengthen agriculture by driving improved returns at the farm gate. However, where drought and temporary hardship hits the Coalition government is prepared, with more than $1 billion in rural assistance made available since we were elected in September 2013.
For more information on the RFCS visit agriculture.gov.au/rfcs or call 1800 686 175 or visit www.agriculture.gov.au/ag-farm-food/drought/assistance.
