Rabobank support measures for farming clients impacted by ex-Tropical Cyclone Alfred

Agribusiness banking specialist Rabobank has advised of a range of measures it has in place to support farming clients whose operations are adversely impacted by ex-Tropical Cyclone Alfred.

Rabobank Group Executive Country Banking Marcel van Doremaele said while the weather event had resulted in severe weather conditions across south-eastern Queensland and northern New South Wales, which were still being felt, its full impact on agriculture in the region was yet to be determined.

“Our initial focus has been on establishing that our staff and clients in the region are safe and checking on their wellbeing. The impacts on agricultural operations and production are yet to be determined as the system is still active,” he said.

“We are hopeful for agricultural producers that these impacts are moderate, however we remain vigilant and ready to stand by our clients should they be adversely affected.”

Mr van Doremaele said with the Lockyer Valley and Northern Rivers of NSW receiving significant rains, there was a risk of horticultural producers and croppers in those regions tending to be heavily impacted, “be it with crops in the ground or with fallow exposed soils”.

“Major rain events in the Northern Rivers can also see dairy producers experience impacts on yields and disruptions to access to markets through damage to infrastructure, both on farm and transport systems.”

Mr van Doremaele said while the bank’s rural managers were reaching out to clients in affected areas, he encouraged impacted clients to contact Rabobank where assistance was needed.

He said the bank would work directly with individual clients whose farms or agribusinesses have been affected to provide support and offer a range of assistance measures in applicable circumstances.

These included:

• ‘carry on’ finance to keep viable operations running,
• waiver of break costs on early redemption of Farm Management Deposits to allow access to needed funds,
• deferral of scheduled loan payments and
• waiver of fees on loan increases necessary for rebuilding operations.

Any farming clients who have been adversely impacted by ex-Tropical Cyclone Alfred and have not yet spoken the bank should contact their local branch or phone Rabobank on 1800 025 484.

Rabobank Australia & New Zealand Group is a part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 125 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 38 countries, servicing the needs of more than nine million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading agricultural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 87 branches throughout Australia and New Zealand.