IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Outflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 01 Jul 2018 | Removal date: open ended
Still in force

State loan

On 20 February 2018, the Australian Parliament enacted the Regional Investment Corporation Act 2018 that sets the structure and functions of a new investment agency responsible for providing local farmers with new government-funded low-interest loans. 

The total budget allocated to this instrument is AUD 2 billion (over USD 1.4 billion) which will be delivered in the form of Farm Investment Loans and Drought loans.

With regard to Farm Investment Loans, farmers can obtain up to AUD 1 million (USD 719,000) with a 3.58% variable interest rate as long as their business is in need of financial help; mainly sell products interstate or outside Australia; and are financially viable.

As for the conditions of the Drought loans, the resources have been limited to AUD 1 million per farmer (USD 719,000) and also enjoy a 3.58% variable interest rate. Only farmers in need of financial help located in certain regions of the country with financially viable business, can apply to these loans.

The Regional Investment Corporation will open for business on 1 July 2018.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

011 Cereals
012 Vegetables
013 Fruits & nuts
014 Oilseeds & oleaginous fruits
015 Edible roots & tubers with high starch or inulin content
016 Stimulant, spice & aromatic crops
017 Pulses (dried leguminous vegetables)
018 Sugar crops
019 Forage; natural rubber; living plants; raw vegetable materials
021 Live animals
022 Raw milk
023 Eggs of hens or other birds in shell, fresh
031 Wood in the rough

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