Global Agriculture

RIC Act under review

Quick Share

01 November 2023, AU: Farmers and agribusinesses will have the chance to provide feedback on the products and service delivery of the Regional Investment Corporation (RIC) and the effectiveness of concessional loans thanks to an independent statutory review.

Assistant Secretary Andrew O’Sullivan said the review of the Regional Investment Corporation Act 2018 (RIC Act) would be a chance to take stock of how the RIC and government could better serve agribusinesses.

“The Minister for Agriculture, Fisheries and Forestry, Murray Watt, has appointed Dr Wendy Craik AM to undertake a review of the operation of the RIC Act,” Mr O’Sullivan said.

“Dr Craik has experience in undertaking reviews – including complex statutory reviews relating to strategy and governance – and has a wide range of experience across agricultural and financial policy, including recent terms on the Reserve Bank Board and as a member of the Future Drought Fund’s Consultative Committee.

“I have every confidence that Dr Craik will deliver a thorough assessment of the RIC Act and related matters.”

The review will enable the Australian Government to examine the best possible methods for managing the RIC into the future.

“Currently, the Australian Government provides up to $4.075 billion in concessional loans to farm and farm-related small businesses through the RIC,” Mr O’Sullivan said.

“It’s important that this money is being spent wisely and to improve the long-term strength, resilience and profitability of Australian agribusiness. ​

“Dr Craik will look at the scope of the RIC’s activities after 30 June 2026, and the appropriate governance arrangements for the RIC after that date.”

Also Read: John Deere Foundation announces $19 million in grants aimed at eliminating global hunger

(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)

Quick Share