Australian government farm lender RIC raises variable interest rate 19 bps to 5.18% for concessional farm loans, effective 1 Aug 2024.

Australian government farm lender, RIC, has announced a 19 basis point increase in its variable interest rate to 5.18% on all concessional farm business loans, effective 1 August 2024. The new rates apply to AgriStarter, Farm Investment, Drought, and AgBiz Drought loans. RIC's CEO, John Howard, said the low-interest rates continue to provide a concessional benefit to struggling farm businesses.