ANZ Offers Cattle Industry Assistance

AUSTRALIA - One of Australia's major banks, ANZ, has announced assistance measures for borrowers from the cattle industry affected by the suspension of live trade to Indonesia reports ABC News.
calendar icon 13 June 2011
clock icon 1 minute read

The trade was suspended last week in the wake of ABC TV's Four Corners report showing cruelty to Australian cattle in Indonesian abattoirs.

ANZ says the measures will include deferring business loan repayments as well waiving fees for restructuring business loans and accessing business term deposits.

The news comes as Agriculture Minister Joe Ludwig says he is prepared to force Meat and Livestock Australia to release its $5 million contingency fund to help beef producers caught up in the suspension of live cattle exports to Indonesia.

Senator Ludwig has confirmed he has written to MLA asking it to release the fund, but the "early signs" are they are "not keen" to release the money.

However, ABC News understands the MLA board is meeting today to decide on its formal response.

The fund is made up of levies charged to cattle producers by MLA and money provided by the Federal Government.

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