Australia offers drought ravaged farmers up to $688 million in cheap loans

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Australian PM Scott Morrison unveils cheap loans and grants to help drought-parched communities

The remaining cattle on farmer May McKeown's drought-affected property, located on the outskirts of the northwestern New South Wales town of Walgett in Australia, are seen pictured on July 20, 2018.

With growing anger amongst the conservative government's traditional voter base, Morrison offered new financial aid, including temporary interest-free loans, designed to allow farmers to stave-off bankruptcy. The industry body representing Australia's farm industry, the National Farmers Federation said the aid was especially needed as the drought shows little sign of abating.

But with almost no rain in recent months across New South Wales and Queensland, farmers do not expect to harvest any meaningful supplies, curtailing rural exports.

Source: Loan Digest (loandigest.net)

 

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