NAB has today commended the Government for establishing a Drought Finance Taskforce to leverage resources and share insights on ways in which the Government and banks could further support drought-affected farmers and rural and regional small businesses.
NAB Chief Customer Officer of Business and Private Banking, Anthony Healy will represent NAB and its customers on the Drought Finance Taskforce.
Mr Healy welcomed the opportunity to work with the Government and peers on additional measures that can be taken to support rural Australia during this period of extreme drought.
“We know many of our customers in regional and rural areas are facing tough conditions as a result of the drought, and we are committed to supporting them during difficult times,” Mr Healy said.
“Being a part of this taskforce builds on our existing support to rural Australia and the Agricultural industry, particularly those in drought impacted areas.
“Since July, senior leaders from NAB have been visiting regional and rural communities across Australia to hear from customers, farmers, local businesses and community organisations.
“We are listening and will continue to take actions to support regional and rural communities that we have been a part of for 160 years,” Mr Healy said.
Since July 2018, NAB has announced the following measures to support customers:
- Customers in regional and rural Australia would be able to receive the financial benefit of being able to offset their Farm Management Deposit (FMD) against their agricultural lending in the form of a discount to their lending interest rate (July);
- A Drought Assistance Package to support customers enduring prolonged drought conditions, and that higher default interest rates would no longer be charged for agribusiness customers affected by drought who are in hardship and behind on their repayments (July);
- The planned closure of its Narooma branch in regional NSW would not proceed, following extensive community consultation (August);
- The reversal of a decision to close its Dungog Branch in regional NSW (September); and
- A commitment to keeping regional and rural branches in drought-affected regions open while they remain in drought (October).
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