New Zealand farmers suffer low confidence due to high cost
Wellington: New Zealand farmers have been suffering low confidence since the start of the year, due to high debt and interest rates.
The latest farm confidence survey of New Zealand’s 1,400 dairy, sheep, beef and arable farmers showed confidence remains stuck in historically low territory, Xinhua news agency reported.
The survey, conducted by Federated Farmers, an independent rural advocacy organisation, showed 69 per cent of farmers consider the current economic conditions to be “bad”, an 11-point deterioration, which is the second-lowest figure recorded in the survey’s history.
One-third of all farmers are making a loss, with just over one in four farmers reporting a profit, the survey showed.
The six-monthly survey cited farmers as saying that this was the hardest time to recruit skilled and motivated staff in more than a decade, with the ability to recruit now sitting at the lowest level since July 2012.
The greatest concerns for farmers right now include debt, interest rates, banks, followed by farm-gate and commodity prices, regulation and compliance and input costs, it said, calling on the government to address these areas to restore farmers’ confidence.
“Farmers have been doing it tough for some time now, with high interest rates, low commodity prices and sky-high input costs making it hard to earn a living,” said Wayne Langford, national president of Federated Farmers.
