March 31, 2025 • 6 mins
Federated Farmers’ banking spokesman celebrates a big Feds win over the banks.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
And one of those farmers who is getting pretty dry
(00:02):
is Richard McIntyre, a Federated Farmer's Dairy chair also the
banking spokesperson. Just before we talk about your big one, Richard,
how are you fairing in the man Or two.
Speaker 2 (00:13):
Well, we're still pretty dry, Jamie. We had some rain
about ten days ago and so we're suddenly grewing up
a little bit, but there's still no feed at all
for us. We are two thirds of the way through
audun carving as well, so yeah, we're feeding out a
hell of a lot at the moment, but I know
a lot of other other regions are as well.
Speaker 1 (00:28):
I had a friend send me a picture last night
of a pasture in the Likehadow region. It's like a desert.
Speaker 2 (00:36):
Yeah, it look really really feel for our White Cat
and Nankee friends in particular that are really struggling at
the moment for feed.
Speaker 1 (00:43):
You know.
Speaker 2 (00:44):
Yeah, it's a difficult time, but unfortunely we all go
through it every now and then, and so it's just
going to be about continuing to make the best decisions
going forward and making sure that that no one torpedoes
next season to try and regain some production this season.
Speaker 1 (00:59):
Federated Farmer welcomes the announcement or welcome the announcement yesterday
that the Reserve Bank will be reviewing its capital requirements,
which had been costing farmers a fortune. And you're saying, basically,
Richard McIntyre, it's an extra forty four grand of interest
payments for your average farmer.
Speaker 2 (01:18):
Yeah, that's right, Jammy, and I think the term welcome
is a bit of an understatement. We are absolutely delighted
to have this. You know, we first started talking about
this eighteen months ago, and I remember our first meeting
with the Reserve Bank, you know, since I became spokesperson.
They basically said, no, there's no way to hell we're
doing this, and here we are. It's just fantastic.
Speaker 1 (01:36):
How much of this has got to do with Adrian
or getting the he tho or jumping before he was.
Speaker 2 (01:41):
Pushed, Well, look, I think that's probably fair, but and
I certainly noticed that the voices for a review of
the capital requirements became a lot stronger from other parties
once Adrian all resigned, So look, I think there was
undoubtedly here's sort of something there, but look, it's just
it's such a great thing to have happened. You know,
this means so much to farmers and the wider economy.
(02:04):
You know, forty four thousand dollars for the average FEDS
member represents such a good return on their fed's investment.
Speaker 1 (02:09):
Or point out, yeah, well that's a shameless plug to
pay your Federated Farmer's subscription. I think you guys are
doing a good job on behalf of the farmers. So
as it stood, they wanted enough capital to withstand a
one and two hundred year financial event. Now you think back,
even in the past one hundred years, we have had
(02:30):
just off the top of my head, and you can
go with the Wall Street crash of nineteen twenty nine. Obviously,
we've had the crash of eighty seven, we've had the
Asian crisis, the GFC, But going back two hundred years
seems unnecessarily cautious.
Speaker 2 (02:49):
Yeah, that's certainly been our have you, Jamie, And it's
out of step with the rest of the world. You know,
the rest of the world is basically one of one
hundred years. For some reason, Madri and or in the
Reserve Bank decided to sit down at one and two
hundred years, and effectively they've been over ensuring the financial
sector and as a result, farmers and in the water
economy have been paid the price.
Speaker 1 (03:09):
Okay, so that's not your only one, or is it? Actually?
Before I talk about your next big one, is it
a done deal? I mean they're going to review that.
Does that mean you're going to see any action?
Speaker 2 (03:19):
Look, obviously there's a bit of water to pass under
the bridge arm before we actually see the action. But
the review sitting the first first step, and we've i
think made a really strong case and so have some
other parties that have hopped on board a bit later
the piece that they need to be reviewed hopefully down
to the pre twenty nineteen level, so the one in
one hundred year financial event with sin We've got really
(03:39):
good support from Minister Willis as well on this. So look,
I'm pretty comfortable going to get this over the line.
But it's not a done deal yet, Okay.
Speaker 1 (03:46):
The other big one for Federated Farmers is the review
of the net zero banks by the Commerce Commission. This
is the net Zero Banking Alliance.
Speaker 2 (03:56):
Yes, so we wrote to the Emmerce Commission back in
December last year asked them to investigate the banks full
potential anti competitive or cartail white behavior with their membership
and actions relating to the needs banking allies. And so
the Commerce Commission actually wrote to us, I think it
was last week or the week before, saying that they've decided,
(04:17):
based on their Problemary investigations, to open a full investigation
into this potential cartel white behavior. So that's a huge
one as well. But I think it's put the banks
on notice that any potential anti competitive behavior will be
dealt with swiftly and potentially severely.
Speaker 1 (04:33):
Let's just finish. You've had a couple of ones there,
iterated farmers, what's the next battle to fight?
Speaker 2 (04:38):
Well, so the next battle, you know, to fight for
us is really the fundamental thing that farmers have been
telling us for the last eighteen months, two years, and
that's the service that they're getting from their banks is declining.
You know, the communication isn't what it should be. Farmers
have felt that their banks haven't necessarily wanted them as customers,
and just the simple things manager coming out having a
(05:01):
look around the farm, talking about the future, all of
that sort of thing and giving you, I guess good
information about how your farm sits in their eyes, has
just dropped off and we need to see that improve.
We need to see interest rates improved. You know that
these capital requirements will help, but we also need the
banks to sharpen their pencil as well with their margins.
Speaker 1 (05:19):
Yeah, and I reckon a lot of small businesses. Small
business owners would echo exactly what the farmers are saying
regarding service. I blame the call centers, Richard. There you go.
You don't want to go to Mumbai to get your
bank and query sorted if you're living.
Speaker 2 (05:33):
In gore Nook. Farmers are relationship people, Jamie. They actually
like to know the person that they're dealing with, liked
a better look them in their eye, in the eye
and shake their hands. And that's just you know, it's
dropping off unfortunately as banks try to induce their cost
to serve. And so that's really good to change. But
the other fil I'm really warning here as well is
for banks to really work with farmers to basically make
(05:55):
their interest more efficient so that they can structure their
finances in a way that they pay in the intur
is possible. We've said too many examples of farmers being
made to run really high overdrafts at the expense of
term det So you know, it's all those little things
that just sort of add up to really banded service
at times.
Speaker 1 (06:14):
Yeah, some of those overdraft rates were daylight robbery.
Speaker 2 (06:19):
Yeah, oh definitely definitely just far too high. So we're
going to focus on that going forwards and we're going
to knock all that stuff off.
Speaker 1 (06:25):
Good on, you keep up the good work at Federated Farmers.
Richard McIntyre, banking spokesperson,
And one of those farmers who is getting pretty dry
(00:02):
is Richard McIntyre, a Federated Farmer's Dairy chair also the
banking spokesperson. Just before we talk about your big one, Richard,
how are you fairing in the man Or two.
Speaker 2 (00:13):
Well, we're still pretty dry, Jamie. We had some rain
about ten days ago and so we're suddenly grewing up
a little bit, but there's still no feed at all
for us. We are two thirds of the way through
audun carving as well, so yeah, we're feeding out a
hell of a lot at the moment, but I know
a lot of other other regions are as well.
Speaker 1 (00:28):
I had a friend send me a picture last night
of a pasture in the Likehadow region. It's like a desert.
Speaker 2 (00:36):
Yeah, it look really really feel for our White Cat
and Nankee friends in particular that are really struggling at
the moment for feed.
Speaker 1 (00:43):
You know.
Speaker 2 (00:44):
Yeah, it's a difficult time, but unfortunely we all go
through it every now and then, and so it's just
going to be about continuing to make the best decisions
going forward and making sure that that no one torpedoes
next season to try and regain some production this season.
Speaker 1 (00:59):
Federated Farmer welcomes the announcement or welcome the announcement yesterday
that the Reserve Bank will be reviewing its capital requirements,
which had been costing farmers a fortune. And you're saying, basically,
Richard McIntyre, it's an extra forty four grand of interest
payments for your average farmer.
Speaker 2 (01:18):
Yeah, that's right, Jammy, and I think the term welcome
is a bit of an understatement. We are absolutely delighted
to have this. You know, we first started talking about
this eighteen months ago, and I remember our first meeting
with the Reserve Bank, you know, since I became spokesperson.
They basically said, no, there's no way to hell we're
doing this, and here we are. It's just fantastic.
Speaker 1 (01:36):
How much of this has got to do with Adrian
or getting the he tho or jumping before he was.
Speaker 2 (01:41):
Pushed, Well, look, I think that's probably fair, but and
I certainly noticed that the voices for a review of
the capital requirements became a lot stronger from other parties
once Adrian all resigned, So look, I think there was
undoubtedly here's sort of something there, but look, it's just
it's such a great thing to have happened. You know,
this means so much to farmers and the wider economy.
(02:04):
You know, forty four thousand dollars for the average FEDS
member represents such a good return on their fed's investment.
Speaker 1 (02:09):
Or point out, yeah, well that's a shameless plug to
pay your Federated Farmer's subscription. I think you guys are
doing a good job on behalf of the farmers. So
as it stood, they wanted enough capital to withstand a
one and two hundred year financial event. Now you think back,
even in the past one hundred years, we have had
(02:30):
just off the top of my head, and you can
go with the Wall Street crash of nineteen twenty nine. Obviously,
we've had the crash of eighty seven, we've had the
Asian crisis, the GFC, But going back two hundred years
seems unnecessarily cautious.
Speaker 2 (02:49):
Yeah, that's certainly been our have you, Jamie, And it's
out of step with the rest of the world. You know,
the rest of the world is basically one of one
hundred years. For some reason, Madri and or in the
Reserve Bank decided to sit down at one and two
hundred years, and effectively they've been over ensuring the financial
sector and as a result, farmers and in the water
economy have been paid the price.
Speaker 1 (03:09):
Okay, so that's not your only one, or is it? Actually?
Before I talk about your next big one, is it
a done deal? I mean they're going to review that.
Does that mean you're going to see any action?
Speaker 2 (03:19):
Look, obviously there's a bit of water to pass under
the bridge arm before we actually see the action. But
the review sitting the first first step, and we've i
think made a really strong case and so have some
other parties that have hopped on board a bit later
the piece that they need to be reviewed hopefully down
to the pre twenty nineteen level, so the one in
one hundred year financial event with sin We've got really
(03:39):
good support from Minister Willis as well on this. So look,
I'm pretty comfortable going to get this over the line.
But it's not a done deal yet, Okay.
Speaker 1 (03:46):
The other big one for Federated Farmers is the review
of the net zero banks by the Commerce Commission. This
is the net Zero Banking Alliance.
Speaker 2 (03:56):
Yes, so we wrote to the Emmerce Commission back in
December last year asked them to investigate the banks full
potential anti competitive or cartail white behavior with their membership
and actions relating to the needs banking allies. And so
the Commerce Commission actually wrote to us, I think it
was last week or the week before, saying that they've decided,
(04:17):
based on their Problemary investigations, to open a full investigation
into this potential cartel white behavior. So that's a huge
one as well. But I think it's put the banks
on notice that any potential anti competitive behavior will be
dealt with swiftly and potentially severely.
Speaker 1 (04:33):
Let's just finish. You've had a couple of ones there,
iterated farmers, what's the next battle to fight?
Speaker 2 (04:38):
Well, so the next battle, you know, to fight for
us is really the fundamental thing that farmers have been
telling us for the last eighteen months, two years, and
that's the service that they're getting from their banks is declining.
You know, the communication isn't what it should be. Farmers
have felt that their banks haven't necessarily wanted them as customers,
and just the simple things manager coming out having a
(05:01):
look around the farm, talking about the future, all of
that sort of thing and giving you, I guess good
information about how your farm sits in their eyes, has
just dropped off and we need to see that improve.
We need to see interest rates improved. You know that
these capital requirements will help, but we also need the
banks to sharpen their pencil as well with their margins.
Speaker 1 (05:19):
Yeah, and I reckon a lot of small businesses. Small
business owners would echo exactly what the farmers are saying
regarding service. I blame the call centers, Richard. There you go.
You don't want to go to Mumbai to get your
bank and query sorted if you're living.
Speaker 2 (05:33):
In gore Nook. Farmers are relationship people, Jamie. They actually
like to know the person that they're dealing with, liked
a better look them in their eye, in the eye
and shake their hands. And that's just you know, it's
dropping off unfortunately as banks try to induce their cost
to serve. And so that's really good to change. But
the other fil I'm really warning here as well is
for banks to really work with farmers to basically make
(05:55):
their interest more efficient so that they can structure their
finances in a way that they pay in the intur
is possible. We've said too many examples of farmers being
made to run really high overdrafts at the expense of
term det So you know, it's all those little things
that just sort of add up to really banded service
at times.
Speaker 1 (06:14):
Yeah, some of those overdraft rates were daylight robbery.
Speaker 2 (06:19):
Yeah, oh definitely definitely just far too high. So we're
going to focus on that going forwards and we're going
to knock all that stuff off.
Speaker 1 (06:25):
Good on, you keep up the good work at Federated Farmers.
Richard McIntyre, banking spokesperson,
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!