The Federal Liberal Government has announced it is investing $75 million to help bring young Australians back to the farm.

Liberal Candidate for Lyons, Susie Bower welcomed the Liberal Government’s commitment, and said the program would address one of the key barriers for people entering agriculture – access to capital.

“My plan for Lyons involves growing the value of Tasmanian’s farmed produce by supporting our agricultural producers so they can continue their amazing work growing food for the state and the nation,” Ms Bower said.

“Too often we hear stories of younger Tasmanians abandoning family farms to pursue other careers. Today’s announcement is designed to encourage young Tasmanians back into agricultural careers by supporting farmers with greater access to capital.

“Farming can be an expensive business, with the purchase of farming equipment, livestock and irrigation systems setting farmers back hundreds of thousands of dollars. The Liberal Government’s $75 million Future Farmer Guarantee Scheme pilot will guarantee 40 per cent of an eligible new farmer’s commercial loan up to a maximum value of $1 million.

“This means first-time farmers and those looking to expand their business can purchase the equipment they need to succeed in the industry.

“By lowering financial barriers for future farmers we are investing in the future of our regions.”

$1.45 million will be provided to the Regional Investment Corporation (RIC) to administer the program which will open 1 January 2023, and funding for the $75 million guarantee will come from existing RIC appropriations.