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ANZ welcomes launch of commercialised farm management deposit scheme



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Media Release

Australia and New Zealand Banking Group Limited ACN 005 357 522 Group Media Relations Level 5, 100 Queen Street, Melbourne 3000

Telephone 03 9273 5330 Fax 03 9273 4899

For release: 2 March 1999

ANZ welcomes launch of Commercialised Farm Management Deposit Scheme

ANZ today welcomed the launch of the Commercialised Farm Management Deposit Scheme by the Federal Government.

Head of ANZ’s Australasian Agribusiness Advisory Unit, Mr Bruce Brown said the scheme represented a significant addition to the growing range of risk management services now available to primary producers. “Revamping the old Income Equalisation and Farm Management Bond schemes into the Farm Management Deposit Scheme is a great step forward as it eliminates much of the confusion and complexity involved with the previous schemes.” he said.

Under the new scheme, interest will now be paid on the whole of the Farm Management Deposit not just the “investment portion” as was the case with the Income Equalisation Scheme.

“More importantly, primary producers will now have a choice of which financial institutibn they wish to deposit funds with,” Mr Brown said.

Mr Brown said that given the income volatility across the Australian agricultural sector, primary producers were expected to utilise Farm Management Deposits to assist in stabilising income patterns and the maintenance of liquid assets. “In essence, the scheme provides a self-help mechanism, and some primary producers may also find the

new scheme useful for retirement planning,” he said.

ANZ will offer a Farm Management Deposit account from early April 1999.

For media enquiries, please contact:

Ian Bremner Senior Media Relations Manager Tel: 03 9273 6190 or 0411 140 382

Media Release