Rural debt in Queensland has increased by more than 8 per cent in three years, with the beef industry seeing the biggest increase.
New data show Queensland 's rural debt is higher than it was two years ago, but experts say it's a good sign for the agricultural industry.
According to new data from the Queensland government, rural debt in 2023 rose to $29.37 billion, up more than 8 per cent from 2021. "We've had rapid growth of prices, we had a very high cattle market, we had cheap money," Mr Adcock said.According to Rural Bank's 2024 Australian Farmland Values report, the median price per hectare in Queensland reached a record high at $8,806 per hectare."We've always had people that have been prepared to take risks and ride through the cycles of the industry," he said.
The debt data was taken from major lenders across the state and analysed by the Queensland government's Statistician's Office and QRIDA. Meanwhile, the cotton and sugar industries recorded the largest decreases in debt, with reductions due to improved crop yields and prices.While there are fewer borrowers than two years ago, the average debt per borrower has risen to $1.75 million.A and B+ grades mean the businesses borrowing the money are viable, have good equity, and have a good return on their investments."We're looking at 96.35 per cent of the debt that the lending institution sees are pretty secure risk.
Rural Debt Queensland Farming Farming Debt Beef Industry Finance Queensland Rural Debt Queensland Rural And Industry Development Authori Andrew Adcock Jon Gillespie
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