The National Farmers' Federation welcomes the tabling of the Review of the Operation of the Regional Investment Corporation Act 2018.
NFF President David Jochinke said the NFF has engaged closely with Dr Wendy Craik AM throughout the review process.
"We welcome the recommendation the Regional Investment Corporation (RIC) should be maintained.
"The RIC has proven to be essential for administering concessional loans in a nationally consistent manner, particularly during drought periods."
The review highlights the broad support for concessional loans as an effective policy tool. The NFF has long advocated for concessional financing to support farmers throughout the drought cycle.
"Concessional loans are crucial, especially during prolonged droughts that challenge even the most resilient businesses. The RIC provides the necessary support to farmers during these difficult times," Mr Jochinke said.
The NFF acknowledges the report's numerous recommendations, including the need for improved data collection by the RIC, and the need to consider RIC's future role in areas such as supporting new entrants into the sector and sustainability financing.
"We will work with our members in the coming days to thoroughly understand the recommendations.
"It is imperative the Government carefully considers the report and implements the recommendations that will best ensure the effectiveness and sustainability of the RIC.
"We look forward to continuing to work closely with the Government and the Regional Investment Corporation to ensure the best outcomes for farmers across the country."
