INDEPENDENT NEWS

Labour Supports Inquiry Into Rural Banking

Published: Wed 12 Jun 2024 04:10 PM
With farmers under increasing pressure financially, Labour supports a rural banking inquiry.
“Our Primary Production Select Committee has heard submissions on rural banking, which paint a grim picture of the financial strain many farmers are under,” Labour agriculture spokesperson Jo Luxton said.
Despite good returns over the last two years and opportunities opening up overseas, farmers are feeling the pinch because of the charges imposed on them by the banks.
“Our select committee has heard that one in four farmers are now feeling under financial pressure, which is affecting their mental health,” Jo Luxton said.
“New Zealand’s economy relies on primary exports. While in Government, Labour secured new trade deals with the United Kingdom and European Union, which opened up new markets to our farmers so they could make more from what they produce and help grow New Zealand’s economy.
“We mustn’t let down the very producers set to benefit from that progress.
“Labour supports a joint banking inquiry at the Primary Production and Finance and Expenditure Select Committees.
“I will be advocating for the inquiry to have a strong focus on rural banking, what’s happening in the industry, competition, interest rates and access to finance,” Jo Luxton said.

Next in New Zealand politics

Govt’s ‘climate Strategy’ As Useful As Teats On A Bull, Says Greenpeace
By: Greenpeace New Zealand
NZers Must Step Up To Protect Vital Cook Strait Rail Connection
By: The Future Is Rail
Govt Determined To Make Aotearoa A Country Of Disposable Renters.
By: Te Pati Maori
Statement From Labour Climate Change Spokesperson Megan Woods
By: New Zealand Labour Party
Science Under Threat - New Report Reveals Damaging Impact Of Govt’s Deep Cuts
By: Save Science
Displacement, Drift, Layering And Conversion: The Changing Parliament
By: RNZ
View as: DESKTOP | MOBILE © Scoop Media