{"id":156182,"date":"2016-08-30T23:17:31","date_gmt":"2016-08-30T13:17:31","guid":{"rendered":"http:\/\/southburnett.com.au\/news2\/?p=156182"},"modified":"2020-10-06T14:51:12","modified_gmt":"2020-10-06T04:51:12","slug":"new-law-mediates-farming-debts","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2016\/08\/30\/new-law-mediates-farming-debts\/","title":{"rendered":"New Law Mediates Farming Debts"},"content":{"rendered":"
\"\"<\/a>
Queensland Agriculture Minister Leanne Donaldson<\/figcaption><\/figure>\n

August 30, 2016<\/strong><\/p>\n

The State Government has introduced legislation to help ensure financial disputes between farmers and banks can be resolved with the assistance of mediators.<\/p>\n

Agriculture Minister Leanne Donaldson introduced the Farm Debt Mediation Bill 2016 on Tuesday as part of measures to reduce financial stress in rural Queensland.<\/p>\n

\u201cIn response to issues identified by the Rural Debt Banking Roundtable, and the findings of the Rural Debt and Drought Taskforce, the government announced a $36 million assistance package to help farmers whose incomes and profitability have been eroded by drought,\u201d the Minister said.<\/p>\n

\u201cThis Bill delivers on key aspects of the Rural Assistance Package, legislating a farm business debt mediation process for the efficient and equitable resolution of disputes between farmers and financial institutions<\/p>\n

\u201cThe forced sale of farm assets is always difficult, but there are times when farming families believe they have been unfairly treated when required by lenders to repay loans.\u201d<\/p>\n

Minister Donaldson said the Bill would establish a process for banks and farmers to resolve financial disputes through an official mediator and structured negotiation.<\/strong><\/p>\n

\u201cMediation is a confidential process that is quick, accessible and affordable.<\/p>\n

\u201cIt is an alternative to expensive and drawn-out legal processes and it does not stop farmers taking legal action to resolve disputes where such action is warranted,\u201d the Minister said.<\/p>\n

\u201cThe Bill will apply to all providers of rural credit in respect of farm mortgages.<\/p>\n

\u201cRemoving the need for expensive and potentially lengthy legal processes to resolve issues relating to farm debt will be a huge benefit to farmers.<\/p>\n

\u201cThe Bill would not stop financial institutions and producers from using informal negotiations to resolve problems.<\/p>\n

\u201cBut if informal talks fail, the mortgagee will have to offer mediation to the farmer before starting enforcement action,” the Minister said.<\/p>\n

The Bill would also establish the Queensland Rural and Industry Development Authority (QRIDA) to replace QRAA.<\/strong><\/p>\n

The new Authority will administer enhanced assistance schemes to farmers.<\/p>\n

“QRIDA will also carry out research into the financial performance and sustainability of the rural and regional sector in Queensland, and have the responsibility of administering the farm debt mediation program,” Minister Donaldson said.<\/p>\n

“As foreshadowed in the Rural Assistance Package announcement, some of the measures affecting QRAA loan schemes will require changes to the Rural and Regional Adjustment Regulation 2011 which will be made in the near future.<\/p>\n

\u201cThis legislation is an important step and I hope it will attract bipartisan support.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The State Government has introduced legislation to help ensure financial disputes between farmers and banks can be resolved with the assistance of mediators.<\/p>\n","protected":false},"author":20,"featured_media":279273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,36],"tags":[],"yoast_head":"\nNew Law Mediates Farming Debts - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"The State Government has introduced legislation to help ensure financial disputes between farmers and banks can be resolved with the assistance of mediators\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2016\/08\/30\/new-law-mediates-farming-debts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Law Mediates Farming Debts - 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