REVISED QUEENSLAND FARM FINANCE STRATEGY Brisbane, 17 December, 2003: The Australian Bankers’ Association (ABA) and the Queensland Farmers’ Federation (QFF) have today released the revised Queensland Farm Finance Strategy 2004.   The QFF/ABA Farm Finance Strategy was originally implemented in 1996 as a joint initiative.   A review of the Strategy has led to further refinements and improvements after input was received from the QFF and its affiliated members, AgForce, Queensland Department of Primary Industries, Office of Rural Communities, Queensland Rural Adjustment Authority, Legal Aid Queensland, Queensland Justice Department and the Bar Association of Queensland. The Pastoral Houses and Building Societies have also been included in this process.   Stephen Carroll, ABA Director, said: “This Strategy is about open communication between the banks and their customers on the land.”   “It is also about promoting the development of sound financial practice by farmers to provide a solid foundation for the future development of agribusiness in Queensland.”   “All financial institutions providing services to agribusiness customers throughout Queensland are invited to subscribe to the Strategy.”   “The Strategy encourages all stakeholders to work closely together through all facets of the business relationship and, where required, with input from other professional advisors.”   “It is hoped that the revised Queensland Farm Finance Strategy will build on the past success and lead to early recognition of financial problems through farmers further adopting best practice business management and accounting skills, and through the use of professional advisors.  This will assist in minimising stress on farming families.”   The purpose of the Strategy is to: ·         encourage all farmers and financiers to adopt this Strategy; ·         encourage financial planning and analysis as integral parts of daily farm management by farmers, in order to identify opportunities and strategies for economically and environmentally sustainable farming; ·         encourage farmers to access professional advice as part of the lending process; ·         encourage early recognition by farmers of problems and identify opportunities and strategies for addressing financial problems; ·         provide a framework in which farmers can resolve financial problems; and ·         participate in processes when a farmer has to end their farming operation due to financial difficulties in a professional and sensitive manner.   Mr Carroll said: “This is an important initiative because all groups who have an interest in the future success of Queensland agriculture have participated in this consultative process.”   The Strategy continues to include mediation processes and ensures that all suitable and available options have been explored by the lender and the borrower in cases where financial difficulties are being experienced.   Mr Carroll said the Strategy builds on and complements the revised Code of Banking Practice 2003 where small businesses, including farms, have been included.     For further information:   Heather Wellard ABA Public Relations Phone: 02 8298 0411 Mobile: 0409 830 439