Fed: Loan subsidy useless - NSW Farmers Federation
The New South Wales Farmers' Federation says the federal government's decision to subsidiseinterest rates on loans of up to $100,000 for drought-affected farmers is useless.
Federation president MAL PETERS says farmers won't be able to access the loans becausethey've run out of money and can't meet their repayments.
Mr PETERS has told ABC television he appreciates what Prime Minister JOHN HOWARD is offering.
But he says there's a cash drought in rural NSW and farmers who've been feeding livestockfor over two years need cash assistance.
Mr HOWARD has announced the government will introduce new drought assistance measuresworth $368 million over three years.
The measures include an interest rate subsidy on loans of up to $100,000 for stocksupport and drought recovery.
AAP RTV sm/kjp/jmt/rp
KEYWORD: DROUGHT FARMERS (CANBERRA)
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