Latest / Early Edition with Ryan Bridge / Wayne Langford: Federated Farmers President on the low economic confidence of farmers

Transcript

Wayne Langford: Federated Farmers President on the low economic confidence of farmers · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Farmer confidence is continuing to fall. This is according to
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  Speaker 1: new data from FED Farmers. A third of our farmers
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  Speaker 1: are currently making a loss with debt, interest rates and
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  Speaker 1: banks causing concern. Confidence has remained at a historic low level.
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  Speaker 1: More than half of farmers are expecting economic conditions to
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  Speaker 1: deteriorate in the year ahead. And Wayne Langford is the
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  Speaker 1: president at FED Pharmacies with me this morning. Vayne. Good
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  Speaker 1: to have you on the show. But not good results.
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  Speaker 2: Yeah, morning, Ryan, Yeah, are pretty concerning results really and
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  Speaker 2: unfortunate with a lot of work that both us and
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  Speaker 2: the government really have been putting in to lift this confidence.
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  Speaker 2: But ultimately you know that the economic posessions are really
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  Speaker 2: driving this result.
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  Speaker 1: Did you mentioned the banks in this report and obviously
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  Speaker 1: the farmers are Is it that the banks are what
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  Speaker 1: specifically is it that they're not lending or just interest
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  Speaker 1: rates are too high?
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  Speaker 2: Well, we're certainly questioning where I interest rassing. Our imagines
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  Speaker 2: are finally higher than others. That's why we've asked for
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  Speaker 2: the banking inquiry. There. When we're talking with the banks,
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  Speaker 2: they say, hey, it's not us, it's the Reserve bank.
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  Speaker 2: We're talking with the Reserve Bank. It says it's not them,
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  Speaker 2: it's the banks. So we're saying, hey, can we have
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  Speaker 2: an inquiry to sort this out, because in every day
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  Speaker 2: that goes past, the significant amount of money coming out
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  Speaker 2: of farmers pockets and ultimately out of rural communities as well.
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  Speaker 2: So it's something that needs to be looked at pretty quickly.
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  Speaker 1: We've spoken in the past about regulation being one of
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  Speaker 1: those bug bears for farmers. Has that sort of subsided
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  Speaker 1: the concerns about regulation subsided with the new coalition government
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  Speaker 1: or is it still one of the big concerns for farmers.
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  Speaker 2: Yes, so there's definitely still a concern there and for
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  Speaker 2: things to get sorted out. We know there's been a
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  Speaker 2: lot of action in that space and it sounds interesting
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  Speaker 2: to see the likes of like climate change policy and
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  Speaker 2: that sort of thing sliped down the ranks. So that's
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  Speaker 2: definitely definitely is being picked up on by farmers. But yeah,
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  Speaker 2: like I said, the main thing that has come out
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  Speaker 2: through the surveyors, you know, cost, cost, cost, How do
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  Speaker 2: we remove some costs out of farming businesses to get
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  Speaker 2: them profit for again and like say, ultimately get royal
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  Speaker 2: communities cranking again.
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  Speaker 1: Yeah, absolutely, Wayne, thank you for that update, Wayne Lang
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  Speaker 1: for the President of Fed Farmers.
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• 2:21
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• 2:22
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• 2:25
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