Farmers and regional businesses are being cut a break as the government announces plans to roll out cheap interest-free loans to help them stay afloat as the drought worsens.
The loans are part of a half-billion-dollar stimulus package announced by the PM today, as the Morrison government plans to shake up the existing Regional Investment Corporation loan schemes.
The ABC reports loans up to $2million will be offered to farmers with a 10-year payback schedule. The first two years of the loan term would be interest-free with no repayments required. Loans could be used by farmers to support the feeding and watering of livestock, or for any other item that might assist in keeping their business going.
Regional businesses that support or supply farmers would also be eligible for loans under the same terms for up to half a million dollars.
Last year the RIC distributed over 200 million low-interest loans to support businesses affected by the drought.