❓ Hon Frank Hough asks if the government will support grain co-production contracts. Hon Kim Chance acknowledges the product, clarifies it's not multi-peril crop insurance but a risk management tool, and states the government supports risk management but won't favour specific products.
AnsweredQoN 911Legislative Council
QuestionView source ↗
Will the minister please advise whether the Government will support grain co-production contracts, a form of multi-peril crop insurance developed by Australian Agricultural Contracts Ltd to assist farmers to manage risk for climatic events? Hon KIM CHANCE
AnswerView source ↗
I thank Hon Frank Hough for some notice of this interesting question. I am certainly aware of the grain co-production contracts developed by Australian Agricultural Contracts Ltd, and have met with the company to make myself aware of the product and its availability. A grain co-production contract is not really a form of multi-peril crop insurance, although the contracts deal with some of the issues associated with multi-peril crop insurance. There is certainly a parallel. The contracts are a form of risk management for farmers that not only deal with risk of climatic events but also allow farmers to manage their access to funds. Although the Government supports any commercially available product that assists farmers to manage risk, the Government is not able to directly support any product over and above another. I should point out that in my meeting with AACL, the company sought only to inform me of its product and did not seek any direct government assistance. It simply wanted the Government to be aware that it is out there. I was certainly grateful for its briefing.
Hon KIM CHANCE replied: I thank Hon Frank Hough for some notice of this interesting question. I am certainly aware of the grain co-production contracts developed by Australian Agricultural Contracts Ltd, and have met with the company to make myself aware of the product and its availability. A grain co-production contract is not really a form of multi-peril crop insurance, although the contracts deal with some of the issues associated with multi-peril crop insurance. There is certainly a parallel. The contracts are a form of risk management for farmers that not only deal with risk of climatic events but also allow farmers to manage their access to funds. Although the Government supports any commercially available product that assists farmers to manage risk, the Government is not able to directly support any product over and above another. I should point out that in my meeting with AACL, the company sought only to inform me of its product and did not seek any direct government assistance. It simply wanted the Government to be aware that it is out there. I was certainly grateful for its briefing.
I thank Hon Frank Hough for some notice of this interesting question. I am certainly aware of the grain co-production contracts developed by Australian Agricultural Contracts Ltd, and have met with the company to make myself aware of the product and its availability. A grain co-production contract is not really a form of multi-peril crop insurance, although the contracts deal with some of the issues associated with multi-peril crop insurance. There is certainly a parallel. The contracts are a form of risk management for farmers that not only deal with risk of climatic events but also allow farmers to manage their access to funds. Although the Government supports any commercially available product that assists farmers to manage risk, the Government is not able to directly support any product over and above another. I should point out that in my meeting with AACL, the company sought only to inform me of its product and did not seek any direct government assistance. It simply wanted the Government to be aware that it is out there. I was certainly grateful for its briefing.
I am certainly aware of the grain co-production contracts developed by Australian Agricultural Contracts Ltd, and have met with the company to make myself aware of the product and its availability. A grain co-production contract is not really a form of multi-peril crop insurance, although the contracts deal with some of the issues associated with multi-peril crop insurance. There is certainly a parallel. The contracts are a form of risk management for farmers that not only deal with risk of climatic events but also allow farmers to manage their access to funds. Although the Government supports any commercially available product that assists farmers to manage risk, the Government is not able to directly support any product over and above another. I should point out that in my meeting with AACL, the company sought only to inform me of its product and did not seek any direct government assistance. It simply wanted the Government to be aware that it is out there. I was certainly grateful for its briefing.
Hon KIM CHANCE replied: I thank Hon Frank Hough for some notice of this interesting question. I am certainly aware of the grain co-production contracts developed by Australian Agricultural Contracts Ltd, and have met with the company to make myself aware of the product and its availability. A grain co-production contract is not really a form of multi-peril crop insurance, although the contracts deal with some of the issues associated with multi-peril crop insurance. There is certainly a parallel. The contracts are a form of risk management for farmers that not only deal with risk of climatic events but also allow farmers to manage their access to funds. Although the Government supports any commercially available product that assists farmers to manage risk, the Government is not able to directly support any product over and above another. I should point out that in my meeting with AACL, the company sought only to inform me of its product and did not seek any direct government assistance. It simply wanted the Government to be aware that it is out there. I was certainly grateful for its briefing.
I thank Hon Frank Hough for some notice of this interesting question. I am certainly aware of the grain co-production contracts developed by Australian Agricultural Contracts Ltd, and have met with the company to make myself aware of the product and its availability. A grain co-production contract is not really a form of multi-peril crop insurance, although the contracts deal with some of the issues associated with multi-peril crop insurance. There is certainly a parallel. The contracts are a form of risk management for farmers that not only deal with risk of climatic events but also allow farmers to manage their access to funds. Although the Government supports any commercially available product that assists farmers to manage risk, the Government is not able to directly support any product over and above another. I should point out that in my meeting with AACL, the company sought only to inform me of its product and did not seek any direct government assistance. It simply wanted the Government to be aware that it is out there. I was certainly grateful for its briefing.
I am certainly aware of the grain co-production contracts developed by Australian Agricultural Contracts Ltd, and have met with the company to make myself aware of the product and its availability. A grain co-production contract is not really a form of multi-peril crop insurance, although the contracts deal with some of the issues associated with multi-peril crop insurance. There is certainly a parallel. The contracts are a form of risk management for farmers that not only deal with risk of climatic events but also allow farmers to manage their access to funds. Although the Government supports any commercially available product that assists farmers to manage risk, the Government is not able to directly support any product over and above another. I should point out that in my meeting with AACL, the company sought only to inform me of its product and did not seek any direct government assistance. It simply wanted the Government to be aware that it is out there. I was certainly grateful for its briefing.
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