For businesses whose primary undertakings are agriculture, aquaculture or other primary production activities, the Australian Government has provided framework to resolve farm debt issues.
Each state has their own program; however, all follow the same 7 principals including offering an independent mediator.
Principle 1: Early engagement between farmers and lenders is encouraged.
Principle 2: Farm debt resolution activities should be outcomes-focused.
Principle 3: Consider support for personal issues, including mental and physical health.
Principle 4: Information about FDM should be clear and accessible.
Principle 5: Farmers should seek appropriate support and independent professional advice.
Principle 6: FDM should be conducted on an even playing field.
Principle 7: All parties are expected to act in good faith.