Joint Media Release

RIC ready to roll on July 1

MC 41/18

Senator the Hon. Mathias Cormann
Minister for Finance
Leader of the Government in the Senate
Senator for Western Australia

The Hon. David Littleproud MP
Minister for Agriculture and Water Resources

1 July 2018
  • The Regional Investment Corporation launches today, July 1
  • Major milestone in implementing a key Coalition Government election commitment
  • Loan guidelines and application forms are available on the RIC website

The Regional Investment Corporation (RIC) will open for business from today, as planned.

Minister for Agriculture David Littleproud said the launch or the RIC proudly delivers on a key Coalition Government election commitment to deliver nationally consistent loans for our Australian farmers.

“We believe in our farmers and I am pleased that they will now be able to apply for low interest loans directly with a single national body in place,” Minister Littleproud said.

“The RIC will deliver new loan products to farmers which will encourage farmers to diversify their markets and invest back into their business.”

Minister Littleproud said the RIC would also offer drought loans to help farmers prepare for, and manage through, times of drought.

“I fought hard to ensure this legislation got through during my first week of Parliament as Minister because I know how valuable these loans are on the ground,” Minister Littleproud said.

“I encourage farmers to get online and take a look at the loan eligibility and terms on the RIC website.”

Minister for Finance, Mathias Cormann said a pool of $2 billion would be available for the RIC’s farm business loans. Another $2 billion is available through the National Water Infrastructure Loan Facility, for state and territory governments to fast track the construction of priority water infrastructure.

“We have issued the RIC with its operating mandate and look forward to seeing it achieve outcomes for rural and regional communities,” Minister Cormann said.

The RIC is a corporate Commonwealth entity established to make farm businesses stronger, more resilient and profitable in the long term.

The RIC is overseen by an independent Board, chaired by David Foster.

For more information visit the www.ric.gov.au

[ENDS]

Media Contact(s): 

For Minister Cormann - Karen Wu - 0428 350 139
For Minister Littleproud - Megan Dempsey - 0491 222 306

Senator the Hon Mathias Cormann, Minister for Finance and the Public Service, Perth