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28 June: New era for rural assistance statutory authority

28 June 2017

Rural and regional Queenslanders will have a new look financial assistance organisation by their side as QRAA becomes the Queensland Rural and Industry Development Authority (QRIDA) from 1 July.

“In 2016-17 QRAA delivered almost $250 million in government loans and grants covering on-farm productivity, industry adjustment, farm succession, drought and natural disaster on behalf of the Queensland and Australian government,” said QRAA Chief Executive Officer, Cameron MacMillan.

“Yet we are more than just an administrator of loans and grants – over the past 23 years QRAA has become a specialist in rural finance and supporting regional Queensland,”

“The expansion of our role means we are making better use of this knowledge and passion, and doing more for the benefit of Queensland’s rural and regional industries.”

A key responsibility for QRIDA will be overseeing and accrediting mediators for the new mandatory Farm Business Debt Mediation scheme, which will also come into effect on 1 July.

“Lenders will not be able to foreclose on farming properties without first offering mediation,” Mr MacMillan said.

“The program is confidential and aims to provide an equitable and efficient resolution without resorting to expensive, drawn-out legal processes – protecting our farmers at a time when they are at their most vulnerable.”

The Queensland Rural and Industry Development Authority will also assume a policy function, undertaking research and advising the Minister on the performance, sustainability and financial status of Queensland’s rural sector. They will also be reinstating the biennial Rural Debt Survey.

QRAA is also finalising the establishment of a new Farm Debt Restructure Office to deliver expert financial analysis and advice to farmers facing financial difficulty prior to formal debt mediation process, providing an additional proactive approach to tackling farm debt.

For more information on QRIDA’s programs and services, Freecall 1800 623 946.

Last updated
28 June 2017