The latest agricultural lending statistics provided by the Australian Prudential Regulatory Authority (APRA) show an increase in aggregate lending to the farm sector of 9% in 2021-22. ABARES Executive Director Dr Jared Greenville said the cumulative value of loans outstanding has increased from $100.7 billion at 30 June 2021 to $109.9 billion at 30 June 2022. "The data also shows lending to the farm sector since 2016-17 has increased at an accelerating rate each year," Dr Greenville said. Dr Greenville said for broadacre and dairy farms-which collectively accounted for around 68% of the value of farm output in 2021-22-the two main reasons for borrowing had been to fund land purchases and for working capital.

https://www.miragenews.com/farm-sector-debt-reaches-109-9-billion-1052935/

#miragenews