Federal Agriculture Minister Murray Watt

November 16, 2023

The public has been invited to put forward views and suggestions about farming loans as part of a Federal Government review of the Regional Investment Corporation Act.

Department of Agriculture assistant secretary Andrew O’Sullivan said it was an opportunity for farmers and agribusiness owners to share their views about the Regional Investment Corporation (RIC) and the loans it provides.

“The RIC provides concessional loans to farm businesses in financial need, and it’s important that the system is working to the highest possible standards for our farmers,” Mr O’Sullivan said.

“Through the RIC, the Australian Government has more than $4 billion available for concessional loans to farms and farm-related small businesses.

“Minister for Agriculture, Fisheries and Forestry Murray Watt appointed Dr Wendy Craik AM to review the RIC Act, which will consider the scope of the RIC’s activities after June 30, 2026, and how the RIC should be governed after that date.

“This is the chance for farmers, business owners and other stakeholders to provide feedback on the RIC’s products and effectiveness, and what the RIC’s functions and governance arrangements should be into the future.”

Dr Craik’s report will be delivered to Minister Watt mid-2024 and will be made publicly available after being provided to the government.

Public consultation will be open for five weeks until December 22.


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