❓ Hon. Darren West questions the Minister for Agriculture and Food regarding the Farm Finance Concessional Loans Scheme, specifically about returned funds and the impact of criteria changes. The Minister's response details loan amounts, interest rates, and asset considerations.
AnsweredQoN 910Legislative Council
QuestionView source ↗
FARM
FINANCE CONCESSIONAL LOANS SCHEME
910. Hon DARREN WEST to the
Minister for Agriculture and Food:
I refer to the farm finance concessional loans scheme.
(1) How much money has been returned to Canberra from round
one of the scheme?
(2) Does the
minister accept that the criteria changes he requested resulted in this money
being lost to WA growers?
FINANCE CONCESSIONAL LOANS SCHEME
910. Hon DARREN WEST to the
Minister for Agriculture and Food:
I refer to the farm finance concessional loans scheme.
(1) How much money has been returned to Canberra from round
one of the scheme?
(2) Does the
minister accept that the criteria changes he requested resulted in this money
being lost to WA growers?
AnswerView source ↗
I thank the honourable member for the question.
(1)–(2)
If the honourable member had asked the other question he was going to ask, 24
were approved and only $5 million of the $25 million was used, so around $19 million-odd
would have been returned to Canberra. The next tranche was on 1 July, and that
was the other $25 million. I presume the honourable member was talking about
the productivity loans. The amount that was actually put up on those loans came
out originally as a $200 000 loan capacity at 4.5 per cent. The amount that
they are able to get now is $400 000 at 4.5 per cent. There was also the change
to the assets, which was an off-farm asset of $425 000. Those are liquid
assets, and hard-core assets were a similar amount, which came to, from memory,
around $875 000 for off-farm assets. That did not count farm-managed deposit
schemes, superannuation or anything else like that. That is where it is, but
the members who put in for the first loan, if they were putting in on the $200 000,
can now go back and take it up to the $400 000 if they wish. That is the amount
that I ascertained, which I think is pretty accurate.
(1)–(2)
If the honourable member had asked the other question he was going to ask, 24
were approved and only $5 million of the $25 million was used, so around $19 million-odd
would have been returned to Canberra. The next tranche was on 1 July, and that
was the other $25 million. I presume the honourable member was talking about
the productivity loans. The amount that was actually put up on those loans came
out originally as a $200 000 loan capacity at 4.5 per cent. The amount that
they are able to get now is $400 000 at 4.5 per cent. There was also the change
to the assets, which was an off-farm asset of $425 000. Those are liquid
assets, and hard-core assets were a similar amount, which came to, from memory,
around $875 000 for off-farm assets. That did not count farm-managed deposit
schemes, superannuation or anything else like that. That is where it is, but
the members who put in for the first loan, if they were putting in on the $200 000,
can now go back and take it up to the $400 000 if they wish. That is the amount
that I ascertained, which I think is pretty accurate.
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