What is the Australian Reconstruction Development Board (ARDB)? We would like to establish a new board under the Reserve Bank to provide future debt relief for drought-stricken primary producers. The Board examines, reconstructs and improves the financial status of the agricultural sector and its related industries. The commercial banks write off up to half of existing debt (for which half that value becomes a tax concession), enabling the ARDB to buy the bad debt at the discounted value and offer farmers refinancing at interest rates lower than commercial lenders. Who can make a submission? Anyone can make a submission so please share this link with your contacts: aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/RBA_Amendment_2013 You should voice an opinion if… - You are no longer farming, but with the assistance of the ARDB you would still be operating; - You are struggling with low farm profitability and who see the cost reductions and interest saved through the ARDB sufficient to stabilise their farm business; - You are in the agricultural industry but see no light at the end of the tunnel without the ARDB who likely have exhausted their banker’s capacity to provide support; - You are a consultant, accountant or are connected to figures personally, farm accountants and consultants, banks or finance houses and certainly the rural financial consultants who by all accounts see the very worse end of this situation who can recognise the need for the ARDB; and - You are a provider of farm services including chemical suppliers, feed and fertiliser suppliers and all other providers of credit to our communities, these second tier providers are themselves under great stress and in many cases in trouble, they will recognise that the inability to pay their accounts will be rectified by the adjustment machinery of the ARDB.
Posted on: Thu, 06 Feb 2014 04:35:44 +0000
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