ANZ calls halt to farm foreclosures

By Sue Neales - The Australian

ANZ Bank has been at the forefront of public anger at farm foreclosures, after The Australian told of the distressing case of Charlie Phillott, 80, pushed from his home of 54 years, Carisbrooke station, near Winton, in March by the ANZ. to support farmers choosing to relocate off their land when debts turn bad, and increased funding for financial counselling focussed on towns hardest hit by drought. “We always hope it will rain and farmers are hoping for it too, but we knew we had to do something now to take some of the community pressure away,” Mr Chronican said. “I’d like to see other major lenders in the sector do similar things, but we also need to think in a broader context — and this will mean governments — about how do we enable people in an unviable situation on land that will never be productive, to make an honourable move off their farms?

Read more here: Business Spectator


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  1. Max Goulter says:

    Why must our farmers be forced to leave their farms when they have found themselves in a situation which is not of their making? Charlie Phillott never missed a payment but this still wasn’t good enough for the bank. They act like parasites if they think they can get away with it. Where is the justice in all this? The Aust banks combined owe around $25 trillion on the derivatives market at the moment; a sum they will NEVER be able to repay, but I don’t hear “APRA” or any government authorities threatening to close them down, even though they are comparitively in a much worse state. Australia needs farmers as we do need to eat! - and we can’t afford to risk importing everything, though it seems our politicians think we can. The situation for our drought stricken farmers is appauling and they MUST be supported to STAY on the land for everyone’s good. Not sell out our country to the corporate entities. Such action is treason to me.

  2. Jenny says:

    Drought and shoddy lending practices by big banks focused only on their own profit and bonuses and concerning government policy that destroys farmers and fails to protect them. No wonder the big banks deny that the farm debt problem exists. Perhaps a deep examination may be damming of them? Which bank would put an elderly man into this position and what interest rate was he being charged? Note farmers are frequently charged double home loan rates, yet many loans are for millions of dollars.

  3. Amy says:

    And so Mr Chroni.. when the banks were not viable, the ordinary battling taxpayer propped them up, yet you did not suggest any ought to exit the industry then? Wonder why?

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