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Farm management deposits crack $1 billion.



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HON WARREN TRUSS MP MINISTER FOR AGRICULTURE, FISHERIES AND FORESTRY

AFFA02/58WT 7 April 2002

Farm Management Deposits crack $1 billion

Australian primary producers have invested more than $1 billion in the Farm Management Deposits (FMDs) scheme, Federal Agriculture Minister Warren Truss said today.

Mr Truss said official December quarter figures complied by the Department of Agriculture, Fisheries and Forestry — Australia have confirmed that at the end of 2001 more than 23,000 primary producers have FMDs, totalling more than $1 billion.

Mr Truss said this was positive news for the agriculture sector as it highlights that primary producers are saving in their good years so that they can be more self-reliant when prices or seasonal circumstances change.

“There has been a 47 per cent increase in the uptake of FMDs over the previous year, reflecting the more buoyant conditions in recent times in many rural sectors,” Mr Truss said.

“The grain, livestock and horticultural industries are the biggest users of the scheme with the largest deposits NSW and Queensland.

“The response from primary producers to FMDs shows a willingness on their part to take greater control of financial risks so they can build viable primary production businesses and stronger rural and regional communities.

“The increased uptake of FMDs by primary producers is a vote of confidence in the new scheme and its ability to help farmers manage their financial risks.

FMDs are a tax-linked financial risk management tool offered to individual primary producers through eligible financial institutions. Further information is available at www.affa.gov.au/fmds

Further inquiries: Mr Truss's office, Andrew Hall (02) 6277 7520 or 0419 996 766

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Farm Management Deposits crack $1 billion - AFFA

http://www.affa.gov.au/ministers/truss/releases/02/02058wt.html (1 of 2) [09/04/2002 11:55:43]

Last updated 8 April 2002

URL: http://www.affa.gov.au/ministers/truss/releases/02/02058wt.html Commonwealth of Australia 2000

Farm Management Deposits crack $1 billion - AFFA

http://www.affa.gov.au/ministers/truss/releases/02/02058wt.html (2 of 2) [09/04/2002 11:55:43]