Farmers will be closely watching next week’s Federal Budget as impacts from the Middle East conflict continue to hit the ag industry hard.
The National Farmers’ Federation (NFF) President Hamish McIntyre said the Budget was an important opportunity to support the sector through sensible tax settings and small business investment.
“Farmers are facing waves of uncertainty due to weakened supply chains,” Mr McIntyre said.
“We’re concerned that poorly targeted reforms in the Budget could create more fiscal challenges for farmers, instead of fewer.
“For years, the NFF has been vocal that changes to tax settings, ranging from Capital Gains Tax to trusts, must recognise that family farms rely on these structures to support farm succession from one generation to the next.
“Any move to change these structures must not adversely impact hard-working family farms and potentially put the future of multigenerational businesses at risk.”
Small business investment will also be key in this upcoming budget, with farming businesses facing acute financial pressure because of the conflict in the Middle East.
“The NFF has called for measures such as increasing and making the Instant Asset Write Off permanent to spur productivity.”
Mr McIntyre said family farms were the engine room of regional Australia and the backbone of a $100 billion industry.
“In January, we provided the Federal Government with a detailed brief of investment asks,” Mr McIntyre said.
“We don’t want sugar hits, we want long-term change. We especially want to see Australian agriculture less vulnerable to global shocks through improving our sovereign capability.
“It’s vital that the Federal Government has farmers’ backs in these difficult economic times.
“Our nation’s and regional partners’ food security depends on it,” Mr McIntyre said.
Stacey Davidson
Chrissy Kerin