The Australian banking industry's peak representative says the impact of the temporary suspension of live exports to Indonesia has been significant and affected businesses will need several seasons to fully recover. 

 The Australian Bankers’ Association said it welcomed assistance measures announced yesterday by agriculture minister Joe Ludwig, which include subsidised interest rates on loans of up to $300 000 and grants of up to $5500 for financial advice.

“This interest rate subsidy will assist those businesses who need to borrow working capital to recover from the interruption,” ABA chief executive Steven Münchenberg said.

“We are pleased that the Government has included businesses which supply services to the live cattle industry such as transporters, heli-musterers and agents.

“Bearing in mind that each business is structured differently and faces a diversity of conditions, farmers and business owners may wish to discuss loan options and risk management tools with their bank and their financial advisors.”

“Any customer worried about their financial position should contact their bank, if they have not already done so.”

The Government assistance would add to the banks’ financial assistance measures offered to individual customers throughout the difficult period, he said.