NSW Farmers lobbying secures funding for insurance study

NSW Farmers welcomes the commitment by the NSW Government to spearhead an investigation into a national risk insurance scheme for Australian farmers.

Chair of NSW Farmers’ Grains Committee, Matthew Madden, said the funding came on the back of NSW Farmers’ long-standing support for a national risk insurance market and the hosting of a recent industry roundtable on farm risk insurance. 

“NSW Farmers is pleased to see the NSW Government acting on our request to demonstrate national leadership on a farm risk insurance market for Australia”, Mr Madden said.

“Prior to the last state election, NSW Farmers called for the NSW Government to invest $40 million to provide rebates and additional support for the development of a farm income protection insurance market.  We also called for them to show national leadership and lobby for a national scheme along with enhanced education and communication about these products.”

“Together with groups such as Grain Growers Limited, NSW Farmers has been an active advocate for the development of a national insurance market which can help to manage the risk of farming in Australia.”  

"While these products should not be considered a ‘silver bullet’ for drought support, they are effective tools to help manage other climate based perils such as frost, flood, fire and other adverse weather conditions.”

“As founding members of the National Farmers’ Federation, we will work with them and other interested stakeholders to lobby for the national approach we have long advocated for in order to see a reliable, sustainable and affordable farm risk insurance market developed in Australia.”

A national insurance scheme was on the agenda at today’s Bush Summit in Dubbo, where NSW Farmers’ discussed support for such a proposal with the Federal Agriculture Minister Bridget McKenzie.  

Mr Madden said NSW Farmers’ advocacy on this issue had seen a wealth of research already carried out.

“As a result of our advocacy, the NSW Government commissioned the IPART review of multi-peril crop insurance, and held a roundtable of insurers.  NSW Farmers also brought together leaders from the government, banking, insurance and agricultural sectors in May this year to talk about the barriers to uptake of these products and how we can work together to see the development of a sustainable insurance market in Australia.”

“New South Wales is taking the first step. NSW Farmers encourages other state and national farming organisations to call for each of the states and the Commonwealth to invest in this research and to progress a truly-national risk insurance market for Australian agriculture”, Mr Madden concluded. 

Date: Thursday 18 July 20109
Media Contact:  Michael Burt  | 0428 228 988 | burtm@nswfarmers.org.au