Supporting Queensland producers through financial difficulty

24 September 2024

As the Queensland Rural and Industry Development Authority (QRIDA) celebrates its milestone 30th birthday this year, there’s a plethora of achievements the organisation has achieved since its inception in 1994.

While a specialist provider of government financial assistance programs, QRIDA also has a focussed effort on supporting Queensland’s agricultural sector to navigate financial challenges.

In July 2017, as a result of the Farm Business Debt Mediation Act 2017 (Qld), the newly named QRIDA began to administer the Farm Business Debt Mediation program. Since commencement of the program, 530 mediation matters have been initiated.

Farm Business Debt Mediation Manager, Julie-Ann Jordan said the program provides an efficient and equitable way for farmers and lenders to attempt to resolve matters relating to farm business debts.                                                                                                                         

"The program has been fundamental in providing a structured approach to dispute resolution which benefits the farmer through access to advice and information to assist in achieving a good outcome. 

“QRIDA currently maintains a panel of 25 independent accredited mediators of which the farmer and lender can choose from to conduct the mediation,” she said. 

Following shortly after the introduction of Farm Business Debt Mediation, QRIDA expanded its proactive Farm Debt Services offering on 1 January 2018 with the establishment of the Farm Debt Restructure Office which administers the Farm Business Analysis Assistance program. 

Tasked with assisting primary producers in financial difficulty, the Farm Business Analysis Assistance program was developed to provide primary producers experiencing financial difficulty access to experienced third-party professionals in the accounting and restructuring fields. 

Their mission is to improve communication, credibility and outcomes with lenders especially when relationships cease to be beneficial. 

Farm Debt Restructure Office Manager, Daniel Elder explained the program provides primary producers access to an independent panel of consultants who work alongside producers and existing banking, accounting and advisory networks to review their current business strategies including underlying problems they may be experiencing. 

“By offering tailored restructuring options, we aim to give producers the tools they need to make informed decisions about their financial future,” he said.

At the end of the Farm Business Analysis Assistance program, producers walk away with an independent, obligation free report on their business which they have the option to share with a preferred lender and professional network to action or develop new pathways forward.

“The program is unique to Queensland, offering tailored guidance, with the aim to give producers the tools they need to make informed decisions about their financial future and the continuation of their rural enterprise,” Mr Elder said.

To date the program has provided the opportunity for 110 producers to reevaluate their business totalling over $300 million in liabilities and saving over $6m in interest and commercial consultancy costs.

Visit the Farm Debt Services webpage for more information on these programs or contact QRIDA on 1800 623 946.

Pictured below: Lance and Kym Baker with Farm Debt Restructure Office Manager, Daniel Elder.