The Australian Government response to the ongoing impacts of the Middle East conflict has so far stopped short of direct financial support for farmers, however, several broader initiatives and measures have been announced which may be suitable for some growers, depending on circumstances and business arrangements. The below provides an overview and links to further information. With the crisis and its impacts now rolling into an eighth week, AUSVEG will continue to review and update the list of available supports as the government response evolves.

Economic Resilience Program
The Australian Government has announced a $1 billion program through the National Reconstruction Fund Corporation (NRFC), offering zero interest loans to support eligible businesses impacted by current disruptions. The program is more specifically targeted at logistics and manufacturing businesses in areas such as freight, fuel, plastics and fertiliser. Some growers may be eligible depending on their business structure and should engage with their bank to discuss eligibility.

The program offers no-interest loans of up to $5 million, administered directly by a participating bank to businesses with an annual turnover of up to $100 million, and no-interest loans administered by the NRFC for companies with turnover in excess of $100 million, or seeking a loan of more than $5 million. Further information is available here.

Regional Investment Corporation
The Regional Investment Corporation (RIC) is a national low-interest loan specialist funded by the Australian Government for farm businesses and farm-related small businesses. A primary focus of the RIC loans is to assist eligible farm businesses to manage through, recover and prepare from drought and other natural disasters, and it also offers a Farm Investment Loan to support eligible businesses to recover, rebuild and prepare for severe business disruption. More information on available RIC loans and eligibility is available here.

ATO Support
The ATO has provided a summary of its response to higher fuel costs and support available to individuals and businesses. This includes offering streamlined access to a new temporary ATO fuel response payment plan. More information on the payment plan is available here.

Export Support
The Australian Government has launched a new Trade Resilience Service (TRS) to deliver practical intelligence, insights and advice to support Australian businesses navigate increased supply chain volatility. Through the TRS, Austrade is working with government partners, supply chain specialists and peak industry bodies to equip exporters with key logistics and freight information and market intelligence to help them navigate current disruptions and challenges. More information is available here.

Rural Financial Counselling Service
The RFCS is an ongoing Australian Government program that provides free and independent financial counselling to eligible farmers experiencing, or at risk of, financial hardship. Free and confidential services are provided by qualified rural financial counsellors using case management to help empower businesses to engage in strategic business and financial decision-making to improve businesses financial situation. More information is available here.

State Government initiatives

Queensland

The Sowing the Seeds of Farming Innovation Fund (SSFIF) is a $30 million Queensland Government initiative designed to accelerate agricultural innovation, adoption, and productivity across Queensland’s primary industries. If your business is developing innovative solutions that can enhance productivity, strengthen resilience, and deliver measurable outcomes for Queensland’s primary industries, SSFIF may be able support your growth. Learn more here.