The Coalition has promised $75 million to help farmers buy their first farm, encouraging more people into the agriculture industry as land prices surge.
A $75 million Future Farmer Guarantee Scheme will be rolled out over 18 months, beginning on Jan. 1, 2023, according to Agriculture Minister David Littleproud.
The scheme would see the government acting as guarantor for 40 percent (up to $1 million) of a new farmer’s commercial loan. Applicants need to have at least three years on-farm experience and a minimum deposit.
“Existing landholders are ageing—the average broadacre farmer is 62 years old, with only 10 percent aged under 47,” Littleproud said during a debate with Julie Collins, Labor’s agriculture spokeswoman at the National Press Club on Tuesday.
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