Opportunities come knocking for young farmers – UDV Conference | My Machinery
CASE Agriculture
Opportunities come knocking for young farmers – UDV Conference

Leasing, equity partnerships and new farmer finance schemes were hot topics at this week’s United Dairyfarmers of Victoria conference. “Creating opportunities for young people to enter dairying are crucial to our industry’s future,” UDV president Kerry Callow said. “The UDV is working with Rural Finance Corporation of Victoria, dairy companies and young farmers themselves to build a raft of strategies that give them a leg up.” Speaking at the UDV Conference in Melbourne UDV member and Nuffield scholar Damian Murphy called on the industry to work with the Federal Government to create a Future Farmers’ Fund. Mr Murphy said existing farmers could be offered tax incentives to invest some of their superannuation or Farm Management Deposits into the fund. He said the fund could then deliver concessional loans to young or new farmers to either lease or buy their first farm. Mr Murphy also advocated adopting the Farm Credit Canada scheme in Australia that allows young farmers to buy properties in instalments, rather than one large sum, to cut their interest costs and maintain cash flow. Rural Finance agribusiness general manager Andrew Smith, who also spoke at the conference said his organisation was exploring opportunities to extend finance to young farmers wanting to buy their first herd. “What we are looking to do is to extend financing for young farmers from the current $900 closer to the $1200 mark, Mr Smith said. “This will allow young farmers more of an opportunity to get a start, particularly in the purchase of stock, fodder and equipment.” Murray Goulburn Cooperative also chose the UDV conference as a platform to promote a suite of new financial incentives – The Next generation package – to help young and new farmers enter the industry. MG shareholder relations manager Robert Poole said the dairy co-operative had already sourced $20 million from overseas investors to buy dairy farms, which were being leased to eight MG supplier-shareholders. MG’s Next Generation package includes: • An investment rebate for young farmers, farming families and new entrants seeking to grow their business, proactively manage succession or enter the dairy industry. • Access to employment and immigration resources to address labour market shortages, including immigration advice to assist MG suppliers recruit farm employees • Leasing partnerships to offer MG suppliers or new entrants an alternative to bank debt for business opportunities or industry entry • Medium and short-term finance to assist with cash flow management and business sustainability, as well as upgrades to milk vats for improved farm and supply chain efficiency

Share this:

CASE Agriculture