Banks respond to falling dairy prices
The major banks have all offered relief measures for Australian dairy farmers, the ABC reports.International dairy prices have been falling since 2013 and wholesale buyer Murray Goulburn responded last month by cutting the farm gate price of milk from A$6 a kilogram of milk solids to between $4.75 and $5.ANZ has offered its dairy customers a three-month moratorium on loan repayment, waived loan restructuring fees and also waived early access to term deposits.An ANZ spokesman said the measures were targeted at dairy farmers but any of the bank's agribusiness customers could apply.Westpac said it would not foreclose on any dairy business "over the next few months."The bank has not issued a relief package but said it was prepared to work with farmers on a case by case basis.Commonwealth Bank said it was offering an extension of loan agreements and repayment holidays, and waiving term deposit withdrawal restrictions.National Australia Bank and Rabobank (a big agribusiness banker) said they were supportive of their dairy industry customer and were having discussions with them about their situation.