New data from the Australian Banking Association shows new lending was up 29 per cent in the 12 months to February 2022, as farmers prepare for bumper season.
A “tractor-led” recovery has driven a surge in lending to agribusinesses, as the new government mulls whether it will extend a tax benefit for farmers that has helped fuel the boom.
ANZ’s head of agribusiness, Mark Bennett, said while the scheme had driven growth in asset finance, it had a natural limit of usefulness to farmers.“We certainly see a higher demand for asset finance and assets being acquired as farmers take advantage of the write-off available to them,” he said. With land prices soaring, Mr Bennett said the bulk of growth in lending was related to land financing and refinancing.“Total lending to agribusiness was just over $91 or $92 billion to February 2022, but most of that is strongly correlated to the value of farm land transactions,” he said.
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