Northland farmers in NZ face financial stress due to high mortgage costs, declined loans, and banks earning high profits.
Northland farmers in NZ face financial stress due to high costs, declined loans, & banks earning high profits. The average farm mortgage reached $4.8M with 8.3% interest. Over 50% of Rural Support Trust calls involve financial & banking issues. The Primary Production Select Committee launched an investigation into rural banking, & Federated Farmers called for an independent inquiry since Sept 2023, claiming farmers pay higher interest rates than urban residents.
June 09, 2024
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