Federated Farmers says financial pressures on farmers are likely to intensify, and mandatory debt mediation will be an important tool in the years ahead.
Tougher environmental policies and regulations, the impacts of trade wars and geopolitical instability on commodity prices, and the Reserve Bank's proposed bank capital requirements, to name a few, will impact farm balance sheets, Feds Vice-President Andrew Hoggard told the Primary Production Select Committee this morning.
Federated Farmers strongly supported the Farm Debt Mediation Bill, with Hoggard telling the committee members there would be a greater need for farmers, their banks and other lenders to work constructively to manage the challenges coming down the line.
"Federated Farmers supported the intent of last year's Members Bill for Farm Debt Mediation Bill and we thank New Zealand First for introducing it in the wake of the Mycoplasma bovis response."
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