‘Rich’ farmers face means test
Heath Gilmore; 21/9/08
Farmers face being means-tested because of billions of dollars put aside in savings while accepting taxpayer-funded drought relief. New figures show people on the land have built up $2.8billion in Farm Management Deposits (FMDs) across Australia. Up to 10,848 NSW farmers hold $594million in the accounts, which are exempt from means testing for drought relief schemes, including interest subsidies. The Rudd Government is reviewing all assistance to farmers as part of a national review of drought policy amid concerns “less viable or riskier farming operations” are favoured. Professor Bruce Chapman, from the Australian National University, said FMDs needed to be means tested.
Tags: Australia, Environment, Trade