{"id":215309,"date":"2018-08-10T20:11:19","date_gmt":"2018-08-10T10:11:19","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=215309"},"modified":"2020-09-24T10:02:56","modified_gmt":"2020-09-24T00:02:56","slug":"all-major-banks-now-offer-offsets","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2018\/08\/10\/all-major-banks-now-offer-offsets\/","title":{"rendered":"All Major Banks Now Offer Offsets"},"content":{"rendered":"

\"\"
Agriculture Minister and Member for Maranoa David Littleproud<\/figcaption><\/figure>August 10, 2018<\/strong><\/p>\n

The Queensland Farmers\u2019 Federation has welcomed announcements by Westpac and ANZ that they will now allow farmers to offset money held in Farm Management Deposits (FMDs) against their agricultural lending.<\/p>\n

QFF CEO Travis Tobin said the backdown by Westpac and ANZ – which followed intense lobbying by rural groups and Agriculture Minister David Littleproud – meant farmers do not need to consider switching banks to access this useful risk management tool.<\/p>\n

\u201cThe offsets provision was an important part of the positive and proactive FMD reforms that passed Federal Parliament in early 2016 but until recently, Rural Bank was the only financial institution to offer farmers the opportunity to use their FMDs to offset their borrowings,\u201d Mr Tobin said.<\/p>\n

\u201cNAB, CBA and Rabobank recently followed Rural Bank\u2019s lead after the Royal Commission hearings and constant pressure from Federal Agriculture Minister David Littleproud, and we commend his persistence on this issue.\u201d<\/p>\n

\u201cWith all the major agri-lenders now offering FMD offsets, whether to switch banks or not is one less decision farmers will need to make. With drought pressures mounting, this will be welcome for many.<\/p>\n

\u201cFarmers and country people are tough, but this protracted drought is challenging for even the most resilient.<\/p>\n

“QFF thanks the banks for backing rural and regional Queensland by giving farmers another tool to manage risk and plan for the future.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The Queensland Farmers\u2019 Federation has welcomed announcements by Westpac and ANZ that they will now allow farmers to offset money held in Farm Management Deposits (FMDs) against their agricultural lending.<\/p>\n","protected":false},"author":20,"featured_media":276803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,36],"tags":[1134],"yoast_head":"\nAll Major Banks Now Offer Offsets - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"The Queensland Farmers\u2019 Federation has welcomed announcements by Westpac and ANZ that they will now allow farmers to offset money held in Farm Management Deposits (FMDs) against their agricultural lending.\" \/>\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\/2018\/08\/10\/all-major-banks-now-offer-offsets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All Major Banks Now Offer Offsets - 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