Federal Government Commits $1 Billion to Regional Investment Corporation
The Federal Government has announced a significant commitment of $1 billion to the Regional Investment Corporation (RIC), extending support for the organization beyond June 2026.
Prime Minister Anthony Albanese
The RIC provides crucial support to farmers experiencing hardship, offering concessional loans for farm businesses and small enterprises impacted by drought.
According to a recent press release, the Government aims to expand the RIC’s loan services to include assistance for enhancing climate resilience, increasing productivity, and aiding the agricultural sector in achieving Australia’s net zero goals.
Prime Minister Anthony Albanese emphasized the importance of this initiative: “I have seen firsthand the toll that extreme weather events like drought take on regional communities. That is why my Government is backing our farmers who are doing it tough by continuing the Regional Investment Corporation. This is about helping farmers manage cost pressures and free up cash flow so they can continue producing the products we all rely on.”
Advocacy Pays Off for the National Farmers’ Federation
The National Farmers’ Federation (NFF) has been actively advocating for an extension of the RIC in recent months. NFF President David Jochinke stated that the RIC is vital for helping producers and regional communities build resilience against drought.
“The proof is in the numbers: more than 3,400 loans have been settled since the RIC’s inception. That’s 3,400 farm businesses given breathing space to keep the farm running and become more resilient,” Mr. Jochinke remarked.
NFF President David Jochinke
Mr. Jochinke noted that this announcement is the result of months of dedicated advocacy from the NFF and its members. “We have pushed hard for certainty on the RIC. Just last month, we called on the Government to extend its loan capacity, after the review had been pending for more than a year,” he highlighted.
“Over the past months, we’ve engaged with the Government weekly regarding drought issues, and in June, we invited the Prime Minister to visit a farm to witness the real-life impact of the RIC.”
The NFF plans to keep collaborating with the Government as it considers new loan products.
“It’s crucial that the Government maintains the RIC’s core mission, which is to support farm businesses in building resilience against drought,” he added. “We look forward to the Government’s comprehensive response to the Independent Review of the Regional Investment Corporation Act 2018, which assessed the RIC’s role and scope.”
Source: NFF, Prime Minister’s office
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