NSW Farmers’ Association president Jock Laurie called on the banking sector to assist an industry still recovering from several prolonged years of drought.

“Farmers are languishing, with high interest rates continuing to put severe constraints on the agricultural industry, particularly at a time when other input prices, such as fuel and fertiliser are also high,” said Mr Laurie.

“It is disappointing that only one of the banks, Rabobank, passed on the last reduction with immediate effect on variable interest rates for agriculture loans, with the other major banks lagging by a matter of weeks in following suite.”