Federal Member for Hume Angus Taylor has welcomed the release of the Agricultural Competitiveness White Paper which he says will harness ‘enormous’ opportunities for the farm sector.

Mr Taylor said the White Paper had been 18 months in the planning and was a direct response to farmers’ concerns about impediments to competition.

“Supply chain transparency is a big issue that’s been acknowledged and addressed. $11.4 million will establish a Commissioner at the ACCC focused on agriculture supply chain issues. ACCC staff will attend saleyards and properties to see the market in action and where the problems lie – like a cop on the beat,” Mr Taylor said.

“The White Paper will see the investment of $13.8 million in a two year pilot to inform farmers about cooperatives and collective bargaining. Knowledge is power - and goes a long way in reducing producers’ vulnerability to the market power of large processors and retail chains.

“The Ag Paper has also outlined a better tax system for farm businesses:

·         Farmers will be able to opt back into income tax averaging after 10 years.

·         Farmers able to double their Farm Management Deposits (FMDs) to $800,000.

·         Banks can allow farmers to use FMDs as a loan offset, reducing interest costs.

“There are also strong initiatives in R&D, funding for drought management and prevention, funding for agriculture counsellors to break down technical barriers to trade, and new infrastructure investment such as the $500 million National Water Infrastructure Fund and the prioritisation of fast broadband to regional Australia.

“The opportunities for the sector are enormous. We sit on the edge of the strongest growing region in the world and we’re well placed to prosper. The vision of the White Paper is to build more resilience in the sector and more profitability through greater competitiveness.

“I urge producers and businesses linked to agriculture to take the time to read this blueprint, to understand the commitment and momentum the Government is providing.”

The White Paper is available at agwhitepaper.agriculture.gov.au.