Massive Interest Rate Cut for QRAA loans

Embargoed 6am 6 January 09

Primary producers and commercial fishers in rural and regional Queensland are the big winners in the massive interest rate cuts to QRAA loans, Minister for Primary Industries and Fisheries Tim Mulherin said today.

Mr Mulherin said Queensland Government statutory body, QRAA, has cut interest rates to loans by up to 3.62% for loans that improve the productivity, profitability and sustainability of their enterprise or assist them to recover from drought.

The new fixed interest rates are 4.98% for one year, 5.24% for three years, or 5.6% for five years, and will be effective from 1 January 2009 on new loan applications for QRAA’s Development, First Start, Resource Management Loans and Drought Carry-On and Recovery Loans.

“I am pleased to be able to release the new interest rates, which demonstrate that QRAA is providing the right support to our farmers at the ground level,” Mr Mulherin said.

“This is the first time the rates have been cut since January 2005, and brings much-needed relief to rural and regional Queenslanders.

“The QRAA Board has looked beyond the current financial situation and provided primary producers with the support they deserve.

“I welcome these moves, which provide a boost of confidence for Queensland’s regional producers going in to 2009.”

QRAA Chief Executive Officer Colin Holden said primary producers looking to implement new farming initiatives, improve their natural resource practices or continue to carry out activities during the drought, can take advantage of QRAA’s low interest rates.

“QRAA’s productivity loans have been designed to assist producers to achieve their farming vision by implementing activities that improve the viability of their business,” Mr Holden said.

“These activities include purchasing additional property, adopting value adding activities, establishing additional water points, succession planning, and upgrading farm plant and machinery.”

“As with all QRAA programs, there are no establishment, account keeping or early payout fees.”

“Our primary producers are facing unprecedented challenges from the current financial crisis as well as the impacts of climate change and industry challenges,” he said.

“These interest rate cuts will ensure QRAA’s customers continue to receive the financial support they need to boost their enterprise’s productivity, profitability and sustainability.”

“This is an exciting time for QRAA as we look to make further investments in rural and regional Queensland and administer a wider range of programs to businesses and not-for-profit organisations outside of traditional markets.”

For further information about QRAA’s interest rates or details on any of QRAA’s loans please contact Freecall 1800 623 946 or visit www.qraa.qld.gov.au

QRAA’s Client Liaison Officers can be contacted in the following regions:

Bundaberg Mark Barrett, 0417 775 547, mark.barrett@qraa.qld.gov.au
Innisfail Sam Spina, 0429 497 757, sam.spina@qraa.qld.gov.au
Kingaroy Jim Mackson, 0417 778 317, jim.mackson@qraa.qld.gov.au
Longreach Bill Fletcher, 0417 775 345, bill.fletcher@qraa.qld.gov.au
Mackay Peter Crowley, 0427 770 147, peter.crowley@qraa.qld.gov.au
Rockhampton Brendan Hamilton, 0417 775 245, brendan.hamilton@qraa.qld.gov.au
Roma Craig Turner, 0427 029 141, craig.turner@qraa.qld.gov.au
Toowoomba Kate Dunk, 0427 690 448, kate.dunk@qraa.qld.gov.au



Media: Matt Watson 3239 3120