Canberra, 22 November, 2006: The Australian Bankers’ Association (ABA) and the Grain Growers Association (GGA) have produced a new book for the farming community ‘Financing Your Farm – A Practical Guide to Financial Growth.’
The book was today launched in Canberra by the Hon. Sussan Ley MP, Parliamentary Secretary to the Minister for Agriculture, Fisheries and Forestry at the Agricultural Finance Forum.
‘Financing Your Farm’ is part of both organisations’ commitment to financial literacy by providing information which aims to help Australians make informed and confident decisions regarding the use and management of their financial resources at all stages of their lives.
It is a guide and reference when planning, financing and managing farm businesses, providing independent information, useful tools and accounting case studies for farm businesses. Those who may find it useful would be farmers, their advisors, agricultural students and their teachers.
The ABA, its member banks and the GGA recognise the seriousness of this drought and the banking sector has committed to supporting viable farmers. The banking sector and GGA are donating this book to rural financial counsellors because there is information which may be of use to counsellors and their clients at this difficult time.
For farmers, two important chapters of the book will be provided free on the websites of the ABA and the GGA:
David Bell, Chief Executive of the ABA, said: The banking industry places a great deal of importance on the continuing strength of the Australian agricultural sector. Australian banks have a long history of working with farmers through seasonal cycles, by putting in place arrangements for special financial needs in times of drought.”
“The complexity of managing farm businesses has also increased rapidly with the increased regulation of the use of the natural resource base and the impact of agricultural production on the environment and food health."
“Farmers not only have to manage their natural resource base to maintain the sustainability of their capital but they also have to manage the negative perceptions of others about their activities so as to manage regulatory risk. Continuing education supported by books like ‘Financing Your Farm’ can help farmers in making decisions critical to the best use of their capital.”
Chairman of Grain Growers Association, Dan Mangelsdorf said the publication would assist farming families to build on their existing knowledge when assessing and enhancing their economic situation, business management skills and farm business operations.
“Financing Your Farm is a comprehensive guide that recognises the unique situation of a farming operation and the broad range of skills farmers need to run their businesses.”
“Our farmers are proven business managers and this publication will assist them to have more informed discussions about their financial situation and their business goals and allow them to set targets that are achievable.”
“GGA is pleased to be involved in a project that assists in educating Australia’s farming community by providing a resource that will build on their knowledge of farm finance and also outlines the tools and options available to them to achieve and maintain a profitable and sustainable farm business,” Mr Mangelsdorf said.
Some of the topics covered in Financing Your Farm include:
- How to assess and manage farm business risks
- Sustainable land management
- How to prepare and interpret cash flow
- Assessing and managing farm viability
- Evaluating alternatives for improving farm profitability
- Investing off-farm
- Sources and costs of farm finance
- How to work with your financier
- Does it make sense to lease land, rather than buy
- Succession planning
Financing Your Farm has been produced with the assistance of a project Steering Committee consisting of five farmers, five bankers and a representative of the Grain Growers Association. The committee provided valuable feedback to the authors Alan Blackburn and Rod Ashby on the content and the structure of the book. The ABA and GGA would like to thank the authors for their excellent work on this important book.
Notes for editors:
- Financing Your Farm - A Practical Guide to Financial Growth is available through rural publishers Kondinin for $54.95 (including GST, plus postage). It can be ordered from the website: www.kondinin.com.au or free call: 1800 677 761
- The ABA has published four editions of Financing Your Farm (1988, 1989, 1995 and 2006) and it has proved to be very popular with Australian farmers, teachers and students studying agriculture.
- This edition of the book has been written by Alan Blackburn and Rod Ashby who are farm management and agribusiness consultants based in Geelong, Victoria. They consult to farmers in Southern Australia and to Agribusiness Corporations and Government Agencies. (see background note in pack on the Authors)
- Members of the Steering Committee which provided valuable assistance on structure and content of the book were:
| Grain Growers |
Bankers |
| Chris Higham, WA |
Campbell Chambers
National Australia Bank |
| Wayne Hawkins, NSW |
Peter Jacobs
ANZ |
| Rowan Peel, VIC |
Andrew Smith
Westpac Banking Corporation |
| Andrew King, NSW |
Jon Sutton
Commonwealth Bank |
| Ben West, NSW |
Stephen Carroll
Australian Bankers’ Association |
Damian Capp,
Grain Growers Association |
|
For further information:
Heather Wellard
ABA PR
Phone: 02 8298 0411
Mobile: 0409 830 439
GGA:
Suzanne Laing
Cox Inall Communications
Mobile: 0404 116 905
ENDS