News

Rockhampton-based Senator joins rural debt fight

ROCKHAMPTON-based Senator Matthew Canavan has called on banks and industry to work together to reduce rural debt in a speech to the Senate on Tuesday night.

The speech came ahead of an announcement by Minister for Agriculture Barnaby Joyce yesterday about a round table discussion to be held in Canberra on September 23.

Mr Joyce said he'd like to see banks join the discussion about reducing levels of debt among struggling farmers.

In his speech, Mr Canavan said the current debt levels, particularly in North Queensland, were the result of record low beef prices, decreasing land values, natural disasters and the 2011 live export ban.

"In the last five years, we have had a 40% reduction in land values, a 20% reduction in prices and a shutdown of one of our major markets for our beef industry," the LNP senator said.

"It is no wonder that people are in a desperate situation."

Mr Canavan cited Australian Bureau of Agriculture and Resource Economics and Sciences data which showed average debt in the northern beef industry over the last decade increased from $280,000 per farm to $650,000.

He said the biggest component of the increase was a result of just keeping their business running.

"People have too much debt," Mr Canavan said.

"We need those debt levels to come down to more moderate levels.

"We need the banks to be part of that process and the government has a role in helping to facilitate that. We have an obligation to help out people who are in need."

Topics:  matthew canavan, rural, senate




Visual artist 'amazes' with recycled craft project

Building a cardboard maze was a childhood dream of Ruby Boussards.

Next week, Ruby will travel to the Central Highlands

Extra State Budget money for Rockhampton Hospital ICU

EXTRA FUNDING: Rockhampton Hospital is set to get more financial support under the State Budget.

CQ Hospital and Health Service to scoop up 8.9% more in State Budget

Rocky family bring brand-new Toyworld to town

Hannah and Meagan Boyce in the space that will shortly become Rockhampton's new Toyworld.

Katrina and Dennis hope to bring smiles to the faces of all ages

Latest deals and offers

Tackling depression through song and story

BUSKER: Brian Musch. Photo: Bec Cawthorne

Giving back through song and speech

Rob Kardashian 'neglected' by Blac Chyna

Friends say they are now 'back in love'

Isla Fisher: I don't like talking about my private life

Isla Fisher shut down TV hosts when they asked about her husband

Mariah Carey: I 'can't believe' Prince has gone

'Prince was one of the best people I've met'

Joe Jonas' 'tough' pals

Joe Jonas' pals are 'tough' with his potential partners

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

Iconic Denison St building sold for close to $1M

The Swan Hotel building in Denison St.

ONE of Rockhampton’s most iconic buildings has been sold

Unique Rockhampton bar hits the market

HOT PROPERTY: Cuban themed bar Chango Chango is up for sale.

Popular Rocky bar hits the market.

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd