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Thursday, 25 August 1994
Page: 319

Senator BROWNHILL (Deputy Leader of the National Party of Australia) —I give notice that, on the next day of sitting, I shall move:

  That the Senate—

  (a)notes that:

    (i)the current level of farm indebtedness is $17.3 billion,

    (ii)drought has exacerbated the ability of many farmers to meet debt repayments and they have subsequently faced increased risk levels because of this, and

    (iii)the Reserve Bank's lifting of prime rate levels by 0.75 per cent will put further pressure on `at-risk' farm debt; and

  (b)calls on the Government to acknowledge the extent to which this lift in interest rates will force more farmers into bankruptcy unless assistance and co-operation is forthcoming from both government and financial institutions.