Billions of dollars tied up in Farm Management Deposits could be used to fund fertiliser plants in Australia, according to farm leaders.
A number of fertiliser plants are at various stages of development in remote regions of Australia but will require billions of dollars in capital for construction.
Currently, the nation’s farmers have $5.3 billion tied up in Farm Management Deposits.
Nearly, $4 billion has been stacked away by grain growers and the sheep and beef industries.
Grain Producers Australia director Andrew Weidemann said FMDs were a potential source of funding for fertiliser projects given they were a key to Australia’s prosperity.
“If the right and sensible approach was used, that overall portfolio of money sitting in FMDs could be used to reinvigorate agriculture,” Mr Weidemann said. “The past three years have changed a long of people’s thinking in this area. I think if using FMDs with the right vigour about it, then it should be done.”
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