Rabobank announces support measures for farming clients impacted by North Queensland monsoonal floods

Agribusiness banking specialist Rabobank has announced of a range of support measures available for farming clients with operations adversely impacted by extreme monsoonal rainfall and flooding in the region.

Rabobank deputy regional manager North Queensland Joe Webb said heavy and persistent rainfall from the monsoonal system had caused major flooding in a number of agricultural regions in the north west and Gulf areas of the state.

“While it is still too early to tell the full impact on agricultural operations in these regions until areas dry out enough to enable proper access for property owners to assess damage, reports are there is still significant water to flow through to impacted areas and out to the Gulf,” he said.

“Property owners have been moving cattle where possible and dropping hay by helicopter where feasible, but overall they need dry weather to allow cattle to get out of the boggy mud, and this won’t happen for several days yet.”

Mr Webb said the bank would work directly with individual clients whose farms or agribusinesses have been adversely affected to provide support and offer a range of assistance measures in applicable circumstances.

These included:

• ‘carry on’ finance to keep viable operations running,
• waiver of break costs on early redemption of Farm Management Deposits to allow access to needed funds,
• deferral of scheduled loan payments and
• waiver of fees on loan increases necessary for rebuilding operations.

Mr Webb said while the bank’s staff were reaching out to clients in affected areas, he encouraged impacted producers to contact Rabobank where assistance was needed.

Any farming clients who have been adversely impacted by the flooding and had have not yet spoken the bank should contact their local branch or phone Rabobank on 1800 025 484.
 

Rabobank Australia & New Zealand Group is a part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 125 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 38 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading agricultural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 87 branches throughout Australia and New Zealand.