Comments attributable to NFF President David Jochinke:
We note the Prime Minister’s comments around the Federal Government’s intention to expand the Regional Investment Corporation’s (RIC) remit to support ecological issues, such as the South Australian algal bloom.
The RIC is a key plank in Australia’s drought policy. The Government can – and should – consider its role and products to ensure it remains fit for purpose. We also acknowledge the impacts current events in South Australia are having on producers and the seafood industry.
However, the process that has underpinned today’s announcement is unclear.
Just last month, the NFF and a number of members called on the Government to commit to extending the RIC’s loan capacity beyond June 2026 so it could continue its core purpose of supporting farm businesses to build resilience for drought and other events. As yet, no formal commitment has been made.
The Government has also not responded to the Independent Review of the Regional Investment Corporation Act 2018, which looked at the RIC’s role, scope and products, despite it being handed down more than a year ago.
The NFF worked in a considered manner with both the independent reviewer and the Government as the RIC was reviewed.
An announcement of a new RIC product at a press conference, with little supporting detail and before a response to the independent review, challenges the need for stability in drought policy development. At the very least, it emphasises the need for further details to be provided.
Next month’s National Drought Forum, which the NFF is looking forward to co-hosting with the Government, is a perfect opportunity to commit to the RIC and respond to the RIC review, to provide clarity to Australian producers.
Ashleigh Whittaker
Stacey Davidson