Senator Raff Ciccone,
Federal Labor Senator for Victoria and chair of the Senate Foreign Affairs, Defence and Trade Legislation Committee
AS Australian agriculture faces tougher conditions such as drought and a changing global trade environment, a significant funding boost has been announced to assist farmers across regional Victoria and Australia.
The Albanese Labor government is injecting an extra $1 billion in new concessional loan funding through the Regional Investment Corporation (RIC), bringing the total agricultural support through RIC loans to over $5 billion.
The RIC provides low-interest loans to eligible farm businesses and farm-related small businesses, helping them manage challenging times such as droughts and natural disasters.
It also supports first-time farmers to help establish their businesses and assists with succession planning for the next generation of farmers.
This additional investment represents a long-term commitment to helping farmers adapt to changing conditions and unexpected business disruptions, while strengthening the growth and resilience of the agriculture industry.
In other words, these loans are designed to help farmers manage risks, invest in innovation and prepare for the realities of a changing climate and economy.
So far, over 3400 loans have been approved through the RIC, with over $3.6 billion in settled funds delivering direct benefits on the ground to farmers.
This new loan funding is about giving farmers certainty, ensuring the scheme will remain available beyond 30 June 2026.
The government is also broadening the RIC’s scope to include assistance for improving climate resilience, boosting productivity and supporting agriculture in Australia’s move to net zero.
This funding comes at a time when Australian farmers and producers are on track for a record-breaking year, with figures showing our agricultural, fisheries and forestry industry is set to pass $100 billion this financial year.
This record growth is driven by strong prices for livestock and animal products – including beef, lamb and milk – which is projected to lift the value of livestock production to $41.6 billion.
These forecasts are a testament to the dedication, innovation and resilience of our farming communities.
In addition to key farm support measures, the Albanese government is strengthening international trade relations, investing $2 billion in biosecurity and backing regional workforce training to help secure the industry’s future.
With continued support and strong demand for high-quality local produce, farmers and producers are well placed to stay among the best in the world and plan confidently for the future.
While challenges remain, federal Labor is committed to equipping farmers across Australia with the tools they need to adapt, grow and lead in a changing climate and global market.
