Relationship between farmers, banks improving as agricultural lending drops
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This autumn's been positive for farmers, with less debt and an improved relationship with banks.
Agricultural lending dropped $1.4 billion to $61.2 billion in the year to April.
A Federated Farmers survey also reveals record satisfaction with bank communication, with fewer farmers feeling undue pressure.
Banking Spokesperson Mark Hooper told Ryan Bridge that banks are currently competing quite strongly for a share of the rural market, which in turn drives good service.
He says a good relationship tends to override a lot of other outcomes – there may be variations in interest rates, but if they have good communication and a good relationship, people tend to be more satisfied.
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