June 2, 2025 • 6 mins
Federated Farmers’ banking spokesman comments on the results of the latest survey. Are the banks getting the message? And which banks are performing best (and worst)?
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Speaker 1 (00:00):
Richard McIntyre joins us from Federated Farmers the dairy chair,
but not for much longer. He's stepping aside from that one.
But he's the banking spokesperson. And Richard, I'm just wondering
before we talk about the latest survey results about the banks,
have you been prostituting yourself off for commercial gain like
the President of Federated Farmers, Wayne Yolo Langford, fronting for Toyota. No, no,
(00:25):
I'll hang on, let's sak aw, let's have a look
at the list, Toyota, Yamaha, I think one New Zealand
as well. He's everywhere.
Speaker 2 (00:31):
Look he is, he is. I suppose if you can
do it, you might as well. But no, I was
listened to the radio watching the Ruggy the other day
and he turned up on a head not another one.
Speaker 1 (00:43):
Well, he's a great self promoter, but to be fair,
he's done a good job, a very good job promoting
Federated Farmers. And I'm not saying Andrew Hoggard was a
grumpy face, but he could have a grumpy face on occasions.
Wayne Yolo Langford is the friendly face of Federated Farmers.
Speaker 2 (00:59):
That's right. Hit our smiling assess and Jamie.
Speaker 1 (01:02):
Indeed he is. We will look forward to catching up
with him next week at Field Days. Look, I want
to talk to you about the banking inquiry. You did
a survey last November. You've just finished another one at
Faed's in May. Are the banks getting the message?
Speaker 2 (01:19):
Yeah, Look, it's amazing what a difference a bit of
pressure makes. You know, we've had a lot of pressure
on the banks over the last year. They've had to
impair in front of the Banking Inquiry twice and get grilled.
You know. The last time was in February where they
had had to talk for an hour and a half.
So yeah, looking and we're starting to see that in
terms of the way farmers are being treated by the banks,
which is awesome.
Speaker 1 (01:40):
Some interesting findings from your latest survey farm debt levels.
Eighty four percent of farmers survey have a mortgage, no
surprise there. Interestingly, only seventy six percent when I say
only considering eighty four percent of them have a mortgage.
Only seventy six percent of farms now have an a
(02:00):
draft facility, which is down from eighty eight percent a
decade ago. And if you were a farmer Richard mcintoyre
you wouldn't want an over draft facility because in my mind,
the banks still charge you far too much for the privilege.
Speaker 2 (02:13):
Yeah, that's right. Look, if you can survive with air
an overdraft and just turned out and said, you know,
for most businesses that Sidney works really well. You know,
it's one of those things we've constantly been harassing the
banks about and that they seem to prefer to put
farmers onto high overdrafts rather than giving them term debt,
which you know, we think is just really inefficient for
a lot of farmers.
Speaker 1 (02:34):
Nineteen percent of farmers feel their bank isn't allowing them
to structure debt as efficiently as possible, exactly what you're
talking about, instead of using overdraft finance, putting it on
term debt getting a better rate. This is down, which
is good news, from twenty three percent. In November, Rabobank
and am Z performed the best in this department. Westpac performed.
Speaker 2 (03:01):
Yeah that's right, that's right. So you know, well done
to RABO and A and Z. You know, we I've
spent quite a bit time talking to their heads of
agri and they have been been putting the efford in
to communicate with their bank managers effectively that they have
to put you know, put farmers first and allow them
to structure their their debt is as interest efficiently as
(03:21):
possible and for Westpac obviously get a bit of work
to do that.
Speaker 1 (03:25):
Yeah. Overdraft interest rates rates have dropped obviously as the
OCRs come down. The average is now nine percent, which
is still too high. It's down from ten percent. Rabobank
on average offers the lowest seven point three percent, while
b n Z remains the highest at nine point seven percent.
Speaker 2 (03:47):
Yeah, that's that's right. You know. Obviously this is a
great chance for everyone listening to actually hear what banks
are doing what and you know, effectively you know, chase
their bank up a bit or to change if they
don't providing could rate.
Speaker 1 (04:01):
Well, there's no reason why one bank could offer us
seven point three percent and another nine point seven. Surely
the nine point seven bank is profiteering.
Speaker 2 (04:11):
Well, you know, you'd think so, right, So this is
anyone who is one of their customers, you know, get
the bank manager and actually ask them on earth who's
going on here? You know, how can they justify that
sort of an interest rate? It's just yeah, it's ridiculous,
so they need to be able to justify it. If
RABI can be doing such a low overdraft rate, then yeah,
(04:33):
why can't the others?
Speaker 1 (04:34):
Well, got on your rabobank. Okay, where to from here
for this banking inquiry and not the banking inquiry the
banking survey which has led of course to the banking inquiry.
Speaker 2 (04:44):
Right, so there'll be another banking survey being done in
six months time, which just we do these every six
months regardless of how everything's going, but it allows us
to track progress in that respect. For like, as you're
alluding to, Jamie, you know, the really big thing for
us now is we have got this banking inquiry that
has has occurred and now the report has been drafted
as we speak, and now we need some meaningful change
(05:05):
to occur in order to basically improve the lives of farmers,
you know, through their banking. It's yeah, it's taken a
lot to get to this point, but now we need
some meaningful change.
Speaker 1 (05:16):
You're stepping aside from the position of dairy chair at
Federated Farmers. Have you done your effectively done your term there?
Speaker 2 (05:23):
Yeah? So I've finished my well just about to finish
my three years as dairy chair, I've absolutely loved every
minute of it. But yeah it's time to give the
give the role on to the next person and go
on from there.
Speaker 1 (05:35):
Well, Richard McIntyre, you keep up the good work keeping
the banks honest. The way you've been talking today, I
half I expect to see you at halftime in the
Rugby doing an ad for Rabobank.
Speaker 2 (05:46):
No, not, not at all. I have no desire for
shameless self promotion.
Speaker 1 (05:52):
Is that what you're calling it? Shameless self promotion? Yes,
indeed I'll take it as a yes. Good on you mate, Thanks,
thanks for some of your time. Federated Farmers yeap, going
into bat for you guys out there.
Richard McIntyre joins us from Federated Farmers the dairy chair,
but not for much longer. He's stepping aside from that one.
But he's the banking spokesperson. And Richard, I'm just wondering
before we talk about the latest survey results about the banks,
have you been prostituting yourself off for commercial gain like
the President of Federated Farmers, Wayne Yolo Langford, fronting for Toyota. No, no,
(00:25):
I'll hang on, let's sak aw, let's have a look
at the list, Toyota, Yamaha, I think one New Zealand
as well. He's everywhere.
Speaker 2 (00:31):
Look he is, he is. I suppose if you can
do it, you might as well. But no, I was
listened to the radio watching the Ruggy the other day
and he turned up on a head not another one.
Speaker 1 (00:43):
Well, he's a great self promoter, but to be fair,
he's done a good job, a very good job promoting
Federated Farmers. And I'm not saying Andrew Hoggard was a
grumpy face, but he could have a grumpy face on occasions.
Wayne Yolo Langford is the friendly face of Federated Farmers.
Speaker 2 (00:59):
That's right. Hit our smiling assess and Jamie.
Speaker 1 (01:02):
Indeed he is. We will look forward to catching up
with him next week at Field Days. Look, I want
to talk to you about the banking inquiry. You did
a survey last November. You've just finished another one at
Faed's in May. Are the banks getting the message?
Speaker 2 (01:19):
Yeah, Look, it's amazing what a difference a bit of
pressure makes. You know, we've had a lot of pressure
on the banks over the last year. They've had to
impair in front of the Banking Inquiry twice and get grilled.
You know. The last time was in February where they
had had to talk for an hour and a half.
So yeah, looking and we're starting to see that in
terms of the way farmers are being treated by the banks,
which is awesome.
Speaker 1 (01:40):
Some interesting findings from your latest survey farm debt levels.
Eighty four percent of farmers survey have a mortgage, no
surprise there. Interestingly, only seventy six percent when I say
only considering eighty four percent of them have a mortgage.
Only seventy six percent of farms now have an a
(02:00):
draft facility, which is down from eighty eight percent a
decade ago. And if you were a farmer Richard mcintoyre
you wouldn't want an over draft facility because in my mind,
the banks still charge you far too much for the privilege.
Speaker 2 (02:13):
Yeah, that's right. Look, if you can survive with air
an overdraft and just turned out and said, you know,
for most businesses that Sidney works really well. You know,
it's one of those things we've constantly been harassing the
banks about and that they seem to prefer to put
farmers onto high overdrafts rather than giving them term debt,
which you know, we think is just really inefficient for
a lot of farmers.
Speaker 1 (02:34):
Nineteen percent of farmers feel their bank isn't allowing them
to structure debt as efficiently as possible, exactly what you're
talking about, instead of using overdraft finance, putting it on
term debt getting a better rate. This is down, which
is good news, from twenty three percent. In November, Rabobank
and am Z performed the best in this department. Westpac performed.
Speaker 2 (03:01):
Yeah that's right, that's right. So you know, well done
to RABO and A and Z. You know, we I've
spent quite a bit time talking to their heads of
agri and they have been been putting the efford in
to communicate with their bank managers effectively that they have
to put you know, put farmers first and allow them
to structure their their debt is as interest efficiently as
(03:21):
possible and for Westpac obviously get a bit of work
to do that.
Speaker 1 (03:25):
Yeah. Overdraft interest rates rates have dropped obviously as the
OCRs come down. The average is now nine percent, which
is still too high. It's down from ten percent. Rabobank
on average offers the lowest seven point three percent, while
b n Z remains the highest at nine point seven percent.
Speaker 2 (03:47):
Yeah, that's that's right. You know. Obviously this is a
great chance for everyone listening to actually hear what banks
are doing what and you know, effectively you know, chase
their bank up a bit or to change if they
don't providing could rate.
Speaker 1 (04:01):
Well, there's no reason why one bank could offer us
seven point three percent and another nine point seven. Surely
the nine point seven bank is profiteering.
Speaker 2 (04:11):
Well, you know, you'd think so, right, So this is
anyone who is one of their customers, you know, get
the bank manager and actually ask them on earth who's
going on here? You know, how can they justify that
sort of an interest rate? It's just yeah, it's ridiculous,
so they need to be able to justify it. If
RABI can be doing such a low overdraft rate, then yeah,
(04:33):
why can't the others?
Speaker 1 (04:34):
Well, got on your rabobank. Okay, where to from here
for this banking inquiry and not the banking inquiry the
banking survey which has led of course to the banking inquiry.
Speaker 2 (04:44):
Right, so there'll be another banking survey being done in
six months time, which just we do these every six
months regardless of how everything's going, but it allows us
to track progress in that respect. For like, as you're
alluding to, Jamie, you know, the really big thing for
us now is we have got this banking inquiry that
has has occurred and now the report has been drafted
as we speak, and now we need some meaningful change
(05:05):
to occur in order to basically improve the lives of farmers,
you know, through their banking. It's yeah, it's taken a
lot to get to this point, but now we need
some meaningful change.
Speaker 1 (05:16):
You're stepping aside from the position of dairy chair at
Federated Farmers. Have you done your effectively done your term there?
Speaker 2 (05:23):
Yeah? So I've finished my well just about to finish
my three years as dairy chair, I've absolutely loved every
minute of it. But yeah it's time to give the
give the role on to the next person and go
on from there.
Speaker 1 (05:35):
Well, Richard McIntyre, you keep up the good work keeping
the banks honest. The way you've been talking today, I
half I expect to see you at halftime in the
Rugby doing an ad for Rabobank.
Speaker 2 (05:46):
No, not, not at all. I have no desire for
shameless self promotion.
Speaker 1 (05:52):
Is that what you're calling it? Shameless self promotion? Yes,
indeed I'll take it as a yes. Good on you mate, Thanks,
thanks for some of your time. Federated Farmers yeap, going
into bat for you guys out there.
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