on air now

‘That’s what’s breaking our industry’: Farmers coerced into taking out loans to sell stock

Farmers say they were coerced into taking out large loans to sell off their cattle, by banks that knew they wouldn’t be able to pay back the money.

Queensland Farmer Debbie Viney was forced to shoot her starving livestock after Rabobank told her to stop selling them for a low price.

Ms Viney was at the Banking Royal Commission hearing and has told Ross Greenwood they’re still suffering the consequences.

“I’m not the first person this has happened to,” she tells Ross.

“You can go back through the generations… and they’ll all tell you about banks either telling you when to sell or when not to sell, how many to sell, the ins and outs. And that’s what breaking our industry.”

She says if the bank hadn’t intervened in the sale of her stock much of her debt would now be paid off.

The banking royal commission has dropped natural disaster insurance from its current hearings so it can devote more time to farming finance.

Today, ANZ admitted it acted in an unfair and unreasonable manner when it kicked an 87-year-old Queensland farmer off his land, despite him never missing a mortgage payment.

Click PLAY below to hear from Debbie Viney