Barnaby Joyce
June 8, 2017
The Federal Government has allocated just over $1.6 million extra to the Rural Financial Counselling Service ahead of the first farmers losing the Farm Household Allowance (FHA) next month.
The FHA began in July 2014 and has helped more than 7300 farmers since.
But as farmers are only eligible to receive the temporary support – which is equivalent to the Newstart Allowance – for three years, those that applied when the scheme started will soon be losing the payment.
Deputy Prime Minister Barnaby Joyce said the free Rural Financial Counselling Service helped farmers, including those “transitioning off” the FHA, by giving them free access to professionals to work through their financial situation and help to build financial self-sufficiency.
“The Coalition Government recognises that tough times can put severe pressure on farmers trying to manage both farm and household budgets,” Minister Joyce said.
“We also recognise that farmers who will soon be reaching the end of their three-year entitlement to the FHA may need some additional financial assistance.
“Many farmers will have improved their financial circumstance whilst on the allowance, however some may not. For those farmers the additional guidance in managing their finances whilst transitioning off the allowance will be beneficial.
“The government is also supporting farmers exiting the FHA by extending eligibility to Farm Business Concessional Loans which can be used for refinancing existing debt.”
Southern Queensland will receive an extra $420,000 for the Rural Financial Counselling Service.
