The time for a rural banking inquiry is NOW!

Join Federated Farmers in calling for the Government to launch an urgent and independent select committee inquiry into rural banking practices and regulations.

WHY DO WE NEED A RURAL
BANKING INQUIRY?

Farmers are doing it tough this season with reduced incomes and rising interest rates that are much higher than those being paid by other borrowers.

Many farming families are struggling to make ends meet, while the banks continue to make eye-watering, record profits.

Unfortunately, those aren’t the only records banks are breaking.

Federated Farmers’ May 2024 Banking Survey shows farmers’ satisfaction with their banking relationship has hit a record low.

At the same time, the number of farmers who report coming under ‘undue pressure’ from their bank has hit a record high.

Alarmingly, only one in five farmers feel they have been adequately supported by their bank during this time of high interest rates.

It’s clear there are some big problems in our rural banking system. Farmers are asking fair questions – and they deserve answers.

sign the petition

“I call on Parliament to conduct an urgent and independent select committee inquiry into rural banking practices to better understand farmers’ experiences, provide transparency on how rural interest rates are set, and examine the impact of Reserve Bank regulations on rural lending.”

What should an inquiry
into rural banking look at?

  • Why are farmers paying a higher interest rate than other borrowers?
  • How are Reserve Bank rules and regulations affecting rural lending?
  • Is there enough competition in our rural banking system?
  • How are bank branch closures affecting rural communities?
  • Are farmers able to access the capital they need to grow our economy?
sign the petition

SIGN THE PETITION

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