Prime Minister Anthony Albanese has announced an additional $1 billion in concessional loan funding for farmers, reinforcing the Government’s long-term support for regional Australia and its agricultural sector.
The new funding, delivered through the Regional Investment Corporation (RIC), will increase the total support available to more than $5 billion, ensuring farmers can continue to access loans that improve resilience, profitability, and climate readiness.
“Regional Australia grows our food, powers our economy and keeps our communities strong,” Mr Albanese said.
“That’s why we’re backing the people who drive it – from affordable housing and cheaper energy, to local manufacturing and secure jobs. When regional Australia is strong, the whole nation is strong.”
Since its establishment, RIC has supported more than 3,400 loans worth over $3.6 billion, helping farmers and drought-affected small businesses manage hardship and prepare for the future. The Government will also expand RIC’s loan scope to include projects that improve climate resilience, boost productivity, and support agriculture’s role in Australia’s net zero transition.
Mr Albanese said the decision was about giving certainty to regional communities.
“I have seen firsthand the toll that extreme weather events like drought take on regional communities,” he said.
“This is about helping farmers to manage cost pressures and free up cash flow so they can continue producing the products we all rely on.”
Minister for Agriculture, Fisheries and Forestry Julie Collins said the announcement reinforced the Albanese Government’s commitment to concessional lending beyond 2026.
“We are committing to concessional loans over the long-term to give farmers certainty that there will always be support available, including those impacted by drought.”
The additional funding builds on the Government’s broader rural support and drought resilience initiatives designed to help farmers adapt to changing conditions and strengthen regional communities.
Support our Journalism
No-nonsense journalism. No paywalls. Whether you’re in Australia, the UK, Canada, the USA, or India, you can support The Australia Today by taking a paid subscription via Patreon or donating via PayPal — and help keep honest, fearless journalism alive.
