Farm foreclosures face more scrutiny
Lenders will need to cough up more data on farm debt, foreclosures on farmers and farm debt mediation to APRA and the Department of Agriculture and Water Resources. The two agencies yesterday spelled out the rationale for the new collections.To date, they said, "there has been a lack of reliable statistical information on lending to the agricultural sector. "Publication of industry-level statistics on agricultural lending will allow stakeholders - such as governments, financial institutions, peak industry and farming organisations - to effectively discuss and debate the state of agricultural lending, as well as the nature and causes of debt stress, and how measures provided by all parties can be best targeted to assist farmers."ABS and RBA data on farm debt is thin, and last estimated by the RBA at A$69.5 billion in late 2016.?All ADIs will be required to report on an annual basis.