ANZ leads on dairy crisis relief package

Not all of Australia’s major banks have fully recognised the impact of dairy crisis on clients.

Announcing short-term relief measures for farmers, the ANZ led the announcements last week with its “dairy relief package.”

Their response followed pressure from the state and federal politicians to support the industry, following cuts to the farm gate price of milk paid by Murray Goulburn and Fonterra.

ANZ’s dairy clients can apply for a three-month suspension of loan repayments, waived loan restructuring fees, adjustments to lending limits on credit cards and early access to term deposits.

ANZ would not, however, commit to a request from Victorian Agriculture Minister Jaala Pulford, to suspend all foreclosures on dairy farmers, until an ASIC investigation is complete.

“I think it’s just too early to contemplate that,” Mr Bennett said.

The ABC was told Westpac, NAB, Commbank, Rabobank would work on ‘case-by-case’ basis.

Westpac said it would not foreclose on any dairy farmers “over the next few months”.

Westpac will not match ANZ’s relief package.

National Australia Bank, Commonwealth Bank and Rabobank repeated assurances they too were discussing the situation with clients.