TWO weeks after the Reserve Bank of Australia (RBA) cut interest rates to their lowest level in three years, only a handful of finance lenders have passed the cuts on to their agribusiness customers.
The official cash rate now sits at 3.25 percent for the first time since October 2009, following the RBA’s 25 basis points cut earlier this month, yet the latest National Farmers’ Federation (NFF) Agricultural Loan Monitor shows only five banks have passed on a cut.
According to the Monitor, ANZ Agribusiness, BankSA Agribusiness, NAB Agribusiness and Westpac Agribusiness have reduced rates by between 0.07 and 0.20 percent for their agricultural term loans and overdrafts, while Commonwealth Bank Agribusiness has reduced the rate of a residential secured agricultural loan that is not regularly gauged by the Monitor.
“At a time when analysis from the Australian Farm Institute and the OECD shows that Australia agriculture receives the lowest amount of total government support for agriculture of any developed nation on earth, it is essential that our farmers are receiving financial benefits in other ways – like through banks passing on the full interest rate cuts,” chair of the NFF Economics Committee, John McKillop, said.
The Agribusiness Loan Monitor is compiled each month by leading money market monitor Canstar and published by the NFF.
Data in the October Monitor is current as of 18 October.
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