The Western Australian Farmers Federation (Inc.) (WAFarmers) welcomes the Reserve Bank of Australia’s (RBA) announcement, to drop the official rate sits to 2.75 per cent.
WAFarmers President, Dale Park, said given the current circumstances farmers were looking for any relief they could get and urged financial lenders to pass on today’s 0.25 per cent interest rate cut, to ease pressure on farmers in Western Australia.
“It has been well documented the hardships which farmers are facing currently, so any assistance in the form of an interest rate cut on farm business loans would be welcome news as farmers sew their winter crops,” Mr Park said.
“The banks have been very supportive of the agricultural sector in Western Australia over the past few seasons and we look forward to their continued support.
“By passing on this latest cut from the RBA, the banks will continue to demonstrate their support for West Australian producers.
“WAFarmers urges its members to monitor their banks performance and contact them should they not pass on this latest interest rate cut,” Mr Park concluded.