Kiwi farmers say rural banking issues are nearing crisis point, according to a survey by Federated Farmers.
The survey revealed record low farmer confidence, with one in four saying they’ve come under undue pressure from their banks.
High costs and ever-increasing interest rates are suffocating Waikato dairy farmer Bart van de Ven’s dream of owning his own farm – something he thought he’d be on the verge of after 18 years in the industry.
“It’s deflating because you’re not going anywhere, to put it lightly,” he told Newshub.
That sentiment is reflected in the latest Federated Farmers banking survey.
“Our latest survey shows that rural banking issues are reaching a crisis point,” Federated Farmers commerce and competition spokesperson Richard McIntyre said.
“We thought the survey results six months ago were bad but these are even worse.”
It shows a record low off the back of a previous record low.
Satisfaction with banks is at its lowest since the survey began in 2015, when about 80 percent of farmers were happy.
Now, that number hovers around the 50 percent mark – with one in four farmers saying they’ve come under undue pressure from their bank.