The Victorian Farmers Federation (VFF) has welcomed the Federal Government’s announcement of ongoing certainty for the Regional Investment Corporation (RIC) beyond 2026, but says farmers urgently need more meaningful support in the face of record drought.
VFF president Brett Hosking said while the move was a positive step, it falls well short of addressing the dire situation many farmers are facing as they approach the critical spring growing season.
“Of course, we support long overdue certainty for the RIC beyond 2026,” he said.
“This was recommended by the independent review more than a year ago, and while we still don’t have a full response to that review, it’s good to at least confirm that the RIC won’t cease to exist next year.
“But we must be honest, this is not a new initiative. It’s simply a decision not to shut down an existing source of drought support, and importantly, one that doesn’t actually cost the government anything in the short term.
“Approval timeframes for loans are up to 118 days. The government can and must do better to get the support to where it’s needed as fast as possible.”
The VFF is reiterating calls for far stronger measures to help support drought-stricken farmers and regional communities.
“What we’re seeking is meaningful support from these loans, such as interest-free periods or HECS-style repayments. That’s the sort of practical help that will make the difference for farmers who are seriously struggling right now,” he said.
“The RIC needs uplifting and this is a good first step, but we need to find better and more efficient ways to assist farmers when they need it most.”
