Rabobank support for flood affected farming clients
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Rabobank support for flood and storm-affected farming clients

Agribusiness banking specialist Rabobank has announced support measures for farming clients affected by the severe storms and floods in Tasmania and other parts of eastern Australia.

Rabobank national manager Country Banking Australia Todd Charteris said this week’s east coast storms – which have tragically led to loss of life and widespread damage – have had the most impact on agriculture in Tasmania, particularly in the north of the state.  Some damage had also been reported in agricultural regions in other states, including northern New South Wales.

Mr Charteris said the bank would provide a range of assistance measures to storm and flood-affect clients in applicable circumstances.

These included:

  • deferral of scheduled loan repayments
  • waiving of break costs on early redemption of  Farm Management Deposits
  • waiving of fees on loan increases necessary to assist in rebuilding operations and
  • waiving of fees for equipment finance contract variations.

Mr Charteris said the bank’s staff had been making contact with clients in flood and storm-impacted areas – most particularly in Northern Tasmania where agricultural regions had been hardest hit.

“Our first priority has been to check on people’s safety and wellbeing and offer assistance,” he said.  “At this point, it is difficult to gauge the full extent of the damage to agricultural enterprises.

“The worst damage appears to be Northern Tasmania, particularly around the Central North Coast and surrounds, with livestock losses and irrigation and fencing infrastructure impacted by storms and flood water.

“The Upper Derwent Valley has also been inundated with rising river levels that have very sadly caused a loss of life, as well as damage to agriculture, including fencing, laneways and building infrastructure.

“As the weather pattern has been more easterly, the rainfall has not been as severe on the West Coast, which is the bulk of the Hydro catchment, so that will at least help to stand irrigators in good stead for the upcoming 2017 irrigation season, with 100 per cent water allocations expected.”

As one of the main agricultural banks in Tasmania, Mr Charteris said, Rabobank would work with its clients individually “to ensure we have the best solution to provide support for each of our affected farmers".

Mr Charteris said while large amounts of rain had fallen on parts of coastal New South Wales during the storms, the main damage that had been reported was to fencing, with pasture appearing to remain intact.

Rabobank has asked any impacted clients who have concerns and had not yet spoken to the bank to contact their local branch or phone Rabobank on 1800 025 484.  

Rabobank Australia & New Zealand is a part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 115 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 40 countries, servicing the needs of approximately 8.6 million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand is one of Australasia’s leading rural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 94 branches throughout Australia and New Zealand.

Media contacts:

Denise Shaw
Head of Media Relations 
Rabobank Australia & New Zealand 
Phone: 02 8115 2744 or 0439 603 525 
Email: denise.shaw@rabobank.com  

Skye Ward
Media Relations Manager
Rabobank Australia & New Zealand
Phone: 02 4855 1111 or 0418 216 103
Email: skye.ward@rabobank.com