THE Federal Government has announced a $1bn commitment to the Regional Investment Corporation, supporting the organisation beyond June 2026.

Prime Minister Anthony Albanese

RIC administers support for farmers facing hardship with concessional loans for farm businesses and drought-affected farm-related small businesses.

In the press release the Government said “it will broaden the RIC’s loan scope to include assistance for improving climate resilience, boosting sector productivity, and supporting agriculture to be part of Australia’s net zero transition.”

Prime Minister Anthony Albanese said: “I have seen firsthand the toll that extreme weather events like drought take on regional communities.

“That is why my Government is backing our farmers who are doing it tough by continuing the Regional Investment Corporation.

“This is about helping farmers to manage cost pressures and free up cash flow so they can continue producing the products we all rely on.”

Advocacy pays off, NFF

The National Farmers’ Federation says it has been advocating for an extension of the RIC in recent months.

President David Jochinke said the RIC was one of the most important tools to support producers and regional communities build resilience for drought.

“The proof is in the numbers: more than 3,400 loans have been settled since the RIC was introduced,” Mr Jochinke said.

NFF president David Jochinke

“That’s 3,400 farm businesses given breathing space to keep the farm running and become more resilient.”

Mr Jochinke said the announcement followed months of sustained advocacy from the NFF and its members.

“The NFF and our members have pushed hard for certainty on the RIC. Just last month we again called on the Government to extend its loan capacity, after the review had sat gathering dust for more than a year.

“We’ve met with the Government weekly on drought matters, and in June this year, we invited the Prime Minister to visit a farm so he could see firsthand the real life impact the RIC has.”

The NFF will continue to work with the Government as it consults on expanded loan products.

“It’s important the Government ensures the RIC strikes the right balance in keeping its core purpose of supporting farm businesses to build resilience for drought.

“We await the Government’s full response to the Independent Review of the Regional Investment Corporation Act 2018, which looked at the RIC’s role, scope and products.”

Source: NFF, Prime Minister’s office