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Have your say on Regional Investment Corporation by 22 December 2023

David Littleproud urges farmers to review the Regional Investment Corporation's impact, fearing closure by the current government despite its vital role in providing over $3 billion in concessional loans aiding agriculture during droughts.

By news@gippsland - 22nd November 2023 - Back to News

Leader of The Nationals and Shadow Agriculture Minister David Littleproud is urging farmers and agribusiness owners to have their say on the success of the Regional Investment Corporation (RIC). From today, business owners have one month to submit their views in a public consultation process of the RIC 2018 Act. Mr Littleproud said he feared the Albanese government was looking to close the RIC down in their cost cutting, despite its important role for farmers.

Your feedback will assist with informing the review and help to determine the future activities and governance arrangements of the RIC, feedback submission closes on 22 December 2023

Farming loan support

The RIC Act allowed farming loans to be given to those in financial need, with more than $3.26 billion in concessional loans handed to more than 3000 farms and small businesses. During the last drought, farmers could access a $2 million loan to refinance their bank debt, with a two-year interest free period, then a three-year interest only, then five years principal and interest at a concessional rate.

"The RIC Act introduced by the former Coalition government has seen many benefits, including the drought loan. 55 percent of respondents in an RIC survey said they may not have been or could not have been still in business without the support of that loan product.

"The RIC's mandate set its interest rate just to cover administration and borrowing costs. It delivered immediate support for everything from buying fodder to transporting stock and raising cattle, through to paying staff and managing cash flow," Mr Littleproud said.

Drought relief loans

An AgBiz Drought loan assisted small businesses that directly provided primary production related goods and services to farm businesses in drought-affected communities to access a loan of up to $500,000 for two-year interest free.

"These loans meant farmers and small business owners could do what they needed, when they needed. It gave money into the pockets of farmers and graziers who were struggling to keep their operations running, as the crippling effect of the drought continued to bite."

"The loans allowed them to make it through the tough times and remain in operation today. There was unprecedented demand for the drought loan, with an additional $2 billion in loan funding given to the RIC, taking the total loan funding to $4.075 billion," Mr Littleproud said.

Send your feedback

Mr Littleproud added he was proud to have helped many farmers and farming businesses during the drought. "Another loan was AgriStarter, used for succession planning and new entrants in agriculture. AgriStarter has loaned over $70 million, assisting more than 80 people secure their first farm business, which is becoming increasingly hard due to the price of land."

The review will consider the scope of the RIC's activities after 30 June, 2026, and it is important to hear how concessional loans support agriculture and rural communities, particularly during drought. The report will be delivered to Agriculture Minister Murray Watt on or before 1 July, 2024. For more information go to Department of Agriculture, Fisheries and Forestry website.

Pictures from Agriculture Victoria Facebook page.

Source: http://gippsland.com/

Published by: news@gippsland.com

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• Darren Chester urges Gippsland’s young athletes to apply for Local Sporting Champions grants now available until 31 January 2026
  Federal MP Darren Chester is urging Gippsland’s young athletes to apply for Local Sporting Champions grants supporting travel and competition costs. Eligible juniors aged 12-18 can apply before 31 January 2026.
• Darren Chester urges young Gippslanders to apply for 2026 National Youth Parliament Leadership Program by 21 November 2025
  Darren Chester is encouraging Gippsland students aged 16 - 17 to apply for the 2026 National Youth Parliament, offering a fully funded week-long leadership and democracy program in Canberra.
• Danny O'Brien urges Gippslanders to donate early to Giving Trees and help bring Christmas joy to foster children
  Gippslanders are encouraged to donate early to A Better Life for Foster Kids' Giving Trees, helping ensure every child in out-of-home care receives a Christmas gift this festive season.
• Danny O'Brien urges Gippslanders to honour veterans and support the annual poppy appeal this Remembrance Day
  Danny O'Brien is urging Gippslanders to honour veterans this Remembrance Day and support the annual Poppy Appeal, helping fund vital services for veterans and their families across the region.
• Southern Rural Water urges water users to monitor, manage, and comply as Spring forecast warns above-average rainfall
  The Bureau predicts above-average spring rainfall and warmer temperatures across eastern Australia. Southern Rural Water urges monitoring usage, maintaining bores, and following regulations to ensure fair, efficient water management.
• Danny O’Brien urges Gippsland communities to participate in Clean Up Australia Day on Sunday, 1 March 2026
  Danny O’Brien encourages Gippsland communities, schools, and groups to join Clean Up Australia Day on 1 March 2026, protecting beaches, waterways, and local areas while building on last year’s success.
• Darren Chester urges sun safety as Australia’s high melanoma rates stress risks, awareness, and early detection
  Federal MP Darren Chester warns Gippslanders of Australia’s high melanoma rates, urging sun protection, early detection, and following the Five Sun Safe Rules as UV levels rise heading into summer.
• Future of Orbost Project strengthens water access, supporting agricultural innovation and long-term regional growth
  The Future of Orbost Project supports farmers by clarifying water availability, facilitating licence transfers, and building resilience, driving innovation, productivity, diversification, and sustainable long-term growth in East Gippsland.
• Baw Baw Shire Council urges community groups to prepare applications for Community Project grants round 2 from 2 until 27 February 2026
  Round Two of Baw Baw Shire’s Community Project Grants opens in February, offering community groups up to $5,000, with Applications by Appointment mandatory before submitting proposals by 27 February 2026.
• Darren Chester urges more fuel reduction to protect Victorian communities from bushfires
  Darren Chester urged increased fuel reduction on Victorian public land, warning unmanaged forests worsen bushfires, and criticised the native timber industry shutdown while praising volunteers and community resilience.
• Peri Urban Councils urge state government to invest in infrastructure and support housing growth across regions
  Peri Urban Councils Victoria is urging government investment in infrastructure after a new report recommended 40% of new homes be built in regional Australia, highlighting housing demand, high costs, and infrastructure pressures.
• South Gippsland farmers dig into practical carbon farming at Down to Earth field day
  Thirty-five South Gippsland farmers explored carbon farming at Malabar Farm, learning practical ways to improve soil health, reduce emissions, and farm sustainably while sharing knowledge with peers.
• East Gippsland Mayor Jodie Ashworth urges vigilance, community support and preparedness during recent extreme heat and bushfire risks
  East Gippsland Mayor acknowledges recent extreme heat, commends community responses, urges vigilance, bushfire preparedness, checking on vulnerable people, accessing support services, and using Vic Emergency app and Emergency Dashboard.
• Life Saving Victoria urges water safety precautions as heatwave drives crowds to beaches and pools
  Life Saving Victoria warns Victorians to prioritise water safety during this week’s 40°C heatwave, swim at patrolled locations, supervise children, avoid alcohol, and always swim with a friend.
• East Gippsland Shire Council urges protect health and air quality, burn dry wood and maintain heaters to reduce smoke this winter
  Residents are urged to burn only dry, untreated wood, maintain heaters, and consider alternatives to reduce smoke, protecting health and improving air quality this winter.
• Darren Chester warns Labor gun law changes unfairly target regions, distract from government extremism failures
  Gippsland MP Darren Chester says Labor’s firearm law changes unfairly punish regional Australians, distract from failures tackling anti-Semitism and extremism, and won’t prevent terrorism like the Bondi attack tragedy violence.
• Darren Chester applauds Metung Primary Footy Colours Day, showcasing student enthusiasm and schools' vital role in regional life
  Darren Chester joined Tim Bull at Metung Primary Footy Colours Day, praising student enthusiasm, community spirit, and schools' vital role in fostering connections, participation, and regional community life through fun events
• Southern Rural Water celebrates World Tourism Day 2025 while linking people, culture, nature, and sustainable regional tourism
  World Tourism Day 2025 highlights water’s role in southern Victoria, connecting people, culture, recreation, agriculture, and sustainable tourism while supporting communities, ecosystems, and Traditional Owner cultural heritage.
• Danny O'Brien commends South Gippsland Shire for securing Nyora transport study funding, urges further state investment
  Danny O'Brien has praised South Gippsland Shire Council for securing state funding for the Nyora Transport Study, urging the Allan Labor Government to follow through with real investment and road upgrades.
• Melina Bath celebrates Victorian farmers’ dedication and contributions during National Agriculture Week 2025
  The Nationals’ Melina Bath highlights Victorian farmers’ hard work, resilience, and vital contributions during National Agriculture Week, urging support for primary producers and celebrating their role in communities and the economy.
• Eat Drink Play Gippsland celebrates local flavours, award-winning cheeses, and culinary creations from passionate regional makers
  Eat Drink Play Gippsland showcases top restaurants, award-winning cheeses, and artisanal delights. From snacks to gourmet dishes, the festival celebrates local flavours and passionate makers, offering something delicious for every palate.
• Victoria leaders tour proposed Hastings terminal highlighting region’s central role in offshore wind future
  Regional leaders toured the proposed Hastings Renewable Energy Terminal, highlighting its crucial role in Victoria’s offshore wind strategy and clean-energy transition, with industry, government and communities collaborating for regional benefits.
• Sale’s burnt police station must be cleared and redeveloped after 11 years of government inaction, says Danny O’Brien
  Nationals MP Danny O’Brien urges Allan Labor Government to clear and redevelop Sale’s old police station site after 11 years of inaction, following its recent deliberate burning.
• East Gippsland Council warns pets aren’t presents, urges thoughtful, responsible lifelong commitment this Christmas season
  East Gippsland Council urges residents to avoid gifting pets impulsively this Christmas, emphasizing lifelong commitment, care, and responsibility, suggesting adoption vouchers or sponsorships as thoughtful alternatives.
• East Gippsland Shire backs $15M Bairnsdale Airport upgrade to boost emergency response and healthcare services regionally
  East Gippsland Shire Council has backed a $15 million Bairnsdale Airport upgrade, extending the runway to boost emergency response, healthcare services, and regional aviation, supported by government funding and health agencies.
• Melina Bath condemns Allan government, warns emergency services tax delay is political, not scrapped
  Melina Bath condemned the Allan Government for misleading regional Victorians, warning the emergency services tax delay is political, not scrapped, and calling for its full abolition to protect farmers and communities.
• Omeo’s Day Avenue upgraded with safer streets, accessible paths, bike parking, greenery, and Victorian government investment
  Omeo’s Day Avenue upgraded with safer streets, accessible paths, signage, parking, bike facilities, greenery, and $200,000 Victorian government investment, creating jobs and enhancing experiences for locals and visitors.
• Bass Coast Council launches mid-term review of Climate Change Action Plan, celebrating achievements and inviting community input
  Bass Coast Shire Council is reviewing its Climate Change Action Plan 2020-2030, celebrating renewable energy achievements and inviting community feedback through surveys, pop-up sessions, engagement events, and a special film screening.
• Tribunal warns Albanese government's bill removes veterans' rights to review bravery awards and undermines Defence Honours system integrity
  The Defence Honours and Awards Appeals Tribunal has accused the Albanese government of removing veterans' rights to review bravery awards, warning proposed reforms undermine fairness, independence, and recognition of Australia's war heroes.
• Six-year Thurra River campground closure triggers renewed demands for urgent government action before summer
  Tim Bull says East Gippslanders face another summer without Thurra River’s main campground, urging the Minister to expedite long-delayed approvals after six years, stressing local businesses rely on its reopening.
• Martin Cameron criticises stalled Traralgon underpass, urges overpass alternative for delayed pedestrian safety project
  Morwell MP Martin Cameron criticises nearly three-year delay on Traralgon underpass, urging government to clarify plans or consider a safer overpass for students and pedestrians crossing the train line.
• Southern Rural Water supports South West Victorian farmers through groundwater access and the 'Farmer Helping Farmer' initiative
  A section of the Main Northern Channel near Brewers Hill Road, Maffra, damaged by wombats, has been repaired. Water will return to full capacity, and normal delivery will resume tomorrow.
• East Gippsland Water donates hay to support farmers through Lions Club ‘Need for Feed’ program
  East Gippsland Water donated two semi loads of hay to support drought-affected farmers in Victoria’s south-west, demonstrating sustainability, community support, and its commitment to recycling and environmental stewardship.
• Albanese government limits tribunal powers, undermining veterans' rights and restricting reviews of military honours
  The Albanese government has limited the Defence Honours Tribunal, banning reviews of actions over 20 years old, restricting veterans' appeals, and undermining independent recognition of historic military bravery.
• Darren Chester slams Albanese government veterans medal review limit, undermining Tribunal independence
  Shadow Minister Darren Chester has condemned Labor's legislation imposing a 20-year limit on veterans' medal reviews, arguing it undermines the Tribunal's independence and disenfranchises veterans and families seeking fair recognition.
• Labor government slammed as Gippsland crime soars, Danny O'Brien warns communities are failed by weak laws
  Danny O'Brien says Gippsland crime is surging under Labor, with major increases across all councils. He warns weakened laws, police shortages, and neglect leave communities unsafe, demanding stronger action and real consequences.
• Melina Bath condemns Allan government’s mismanaged renewable energy transition, as targets remain unachievable
  Three Gippsland offshore wind projects have collapsed and a fourth stalled, with Nationals’ Melina Bath criticising the Allan government’s mismanagement of Victoria’s renewable energy transition and rising energy insecurity.
• Baw Baw Shire to host community barbecues supporting farmers through 'Look Over the Farm Gate' grants
  Baw Baw Shire Council will host five community barbecues supporting farmers' wellbeing through Look Over the Farm Gate grants, offering connection, resources, and mental health support amid ongoing dry conditions.
• Melina Bath slams Agriculture Minister Ros Spence for ignoring Gippsland farmers' struggles under Labor's tax regime
  Melina Bath criticised Agriculture Minister Ros Spence for refusing to advocate for Gippsland farmers, citing VFF survey results showing overwhelming concern over new taxes and Labor's disregard for regional agriculture.
• Melina Bath blames Allan government as Victoria's public housing waitlist surges amid worsening housing crisis
  Victoria's housing crisis deepens as public housing waitlists surge past 60,000. Melina Bath blames the Allan government's inaction, rising taxes, and mismanagement for worsening homelessness and unaffordable rents across the state.
• Labor government's VicGrid laws pass with crossbench backing amid Nationals' warning of property rights erosion
  The Allan government's VicGrid laws passed with crossbench support, sparking Nationals' criticism over lost property rights, silenced regional voices, and overreach. The Nationals vow repeal in 2026 to restore landholder protections.
• Danny O’Brien condemns sudden AKD Yarram timber mill closure, 73 jobs lost, pledges support for affected community
  Gippsland South MP Danny O’Brien says sudden AKD Yarram timber mill closure, costing 73 jobs, devastates the community, pledging support for affected families, workers, and local businesses during this crisis.
• Baw Baw Shire Council information session on Warragul and Drouin Development Contributions Plans review on 12 December 2025
  Baw Baw residents are invited to an information session on 12 December to learn about the Warragul and Drouin Development Contributions Plans review and future infrastructure planning.
• Cowes Foreshore Precinct Project begins, for safer, more accessible visitor experience from $9.6M shared investment
  Work has begun on the $9.6 million Cowes Foreshore Precinct Project, delivering staged upgrades to create a safer, more accessible, pedestrian-friendly destination while supporting businesses and preserving Cowes' vibrant visitor appeal.