Have your say on the RIC Act Review

The public have the chance to put forward their views and suggestions on farming loans as part of the Regional Investment Corporation Act 2018 review.

Assistant Secretary Andrew O’Sullivan said it was an opportunity for farmers and agribusiness owners to get their views across on the Regional Investment Corporation (RIC) and the loans it provides.

“The RIC provides concessional loans to farm businesses in financial need, and it’s important that the system is working to the highest possible standards for our farmers,” Mr O’Sullivan said.

“Through the RIC, the Australian Government has more than $4 billion available for concessional loans to farm and farm-related small businesses.

“Minister for Agriculture, Fisheries and Forestry Murray Watt appointed Dr Wendy Craik AM to review the RIC Act, which will consider the scope of the RIC’s activities after 30 June 2026, and how the RIC should be governed after that date.

“This is the chance for farmers, business owners and other stakeholders to provide feedback on the RIC’s products and effectiveness, and what the RIC’s functions and governance arrangements should be into the future.”

Dr Craik’s report will be delivered to Minister Watt on or before 1 July 2024 and will be made publicly available after being provided to the government.

The public consultation will be open for five weeks until 22 December 2023.

To find out more visit https://www.haveyoursay.agriculture.gov.au/ric-review