The local areas of Moree, Pallamallawa, Gravesend, Bingara and Inverell have fared well overall on the back of a strong 2016 / 2017 season, with investment in quality farming and grazing country in this region remaining active across all segments. Interest from corporates, international buyers and larger private enterprises can create a challenge for local farmers who want to expand and grow, so we are working closely with our customers to help them reach their business and succession planning goals. While the weather has been patchy in some areas, we expect to see sustained interest in quality farming and grazing country in these localities due to their proven reliability over many generations.
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Off the back of strong commodity prices and the current confidence within agriculture, specifically in cotton, wool, grains and livestock in Northern NSW, Westpac is adding further support to assist local businesses, farmers and communities to grow industry opportunities, with an investment in people across the district.
The recent trend of improved financial performance in the agricultural sector, across the majority of categories nationally, is mirrored closely in the Northern NSW area. ABARES data on the 2016-17 year show increases of up to 50 per cent on long term 10-year farm income averages, with record yields and high prices making 2016-17 a break out year that positively effected the industry.
A 40-year banking veteran and the agribusiness Regional General Manager for Westpac in Northern NSW, Hank MacInnes says innovation in agriculture continues to bring greater efficiencies to a high fixed cost business, which is driving confidence among customers and adding new opportunities to the ones that currently exist.
“Despite fluctuations in market prices and climatic conditions across the state, commodity prices remain strong, which is great for our local farmers and industries. Strong prices create more business opportunities and these currently exist across the board in Northern NSW, particularly in cotton, grains, beef and sheep. This confidence is assisted by the growth in equity on the back of strong values for farm land,” said Hank.
“The flow on effect of a local, strong agricultural sector is that it supports the economic health of many regional and rural towns and to better meet our customer’s growing needs, we recently made a new hire - Tom Chatfield.”
Tamworth based Tom brings with him 15 years of banking experience, of which the last 12 years has seen him actively involved in the cotton and grain industries at Moree. Tom’s ag expertise, including a degree in Agricultural Science, will see him focus on the larger end of the scale farming and beyond farm gate businesses.
“Dedicated farmers and agriculture are the grass root foundations of our nation. It’s something that I am truly passionate about. I find it personally rewarding to have long term relationships with local residents in the region and to be actively helping Westpac customers grow their businesses over time,” Tom said.
Hank added that Tom’s customer service style and his strong business knowledge will be a healthy compliment to his current team of 18 bankers across Northern NSW – which includes a footprint of towns including Tamworth, Moree, Gunnedah, Inverell, Sydney, Armidale and the Hunter Valley. Understanding the importance of relationships in rural Australia, throughout his experienced career Hank has overseen his team build a solid track record in achieving outstanding outcomes for customers and stay focused on the unique opportunities that arise for Australian agriculture, in order to help propel local businesses and families for generations to come.
“Throughout Westpac's 200-year history the focus has always been on helping regional and rural Australia grow and we continue to remain committed to the ag industry as we set up for the next 200,” said Hank.