A review of how the Australian Government supports farmers and small primary production related businesses through concessional loans has been tabled in Parliament.
Deputy Secretary for Agriculture, Fisheries and Forestry Policy, Matt Lowe, said the review into the operation of the Regional Investment Corporation (RIC) Act was a requirement under the Act.
“The RIC is an Australian Government delivery agency that provides loans to long term viable farm businesses in financial need. RIC loans can help these businesses manage through tough times and improve their productivity and risk management into the future,” Mr Lowe said.
“The RIC has an important role to play in delivering one of the government’s key farm support measures, being concessional loans. We need the RIC and its loans to be fit for purpose, which is why this statutory review is important to see if anything needs to change.
“The then Minister for Agriculture, Fisheries and Forestry, Murray Watt, commissioned Dr Wendy Craik AM to undertake this review. As required by the RIC Act, she has been investigating not only the scope of the RIC’s activities after 30 June 2026, but how it should be governed in the future as well.
“To help this process, Dr Craik has held more than 100 meetings with more than 65 stakeholders, including the RIC, agriculture groups, banks, Indigenous organisations and other Commonwealth bodies.
“It’s been a thorough examination, and we want to thank Dr Craik for her work in carrying out the review.
“Dr Craik provided her final report, including findings and recommendations, to Minister Watt at the start of the month. The report was tabled in Parliament, and it’s now published.
“The Australian Government will now consider the outcomes of Dr Craik’s review and respond in due course. The RIC Board will also consider relevant recommendations. I note the RIC has already commenced implementing some recommendations that they can, such as improving their data collection.
“This review supports the RIC making improvements to continue working in the best interests of Australian farmers and agribusinesses.”
The report is available at Regional Investment Corporation and Review of the Operation of the Regional Investment Corporation Act 2018.
