RIC Act Review Complete

A comprehensive review of the Australian Government’s support for farmers and small primary productionrelated businesses through concessional loans has been tabled in Parliament.

Deputy Secretary for Agriculture, Fisheries, and Forestry Policy, Matt Lowe, announced that the review of the Regional Investment Corporation (RIC) Act, mandated under the Act, has been completed.

“The RIC is an Australian Government delivery agency providing loans to long-term viable farm businesses in fnancial need. RIC loans support these businesses through tough times and help improve their productivity and risk management for the future,” Mr. Lowe stated.

He emphasized the RIC’s crucial role in delivering concessional loans, a key farm support measure. “Ensuring the RIC and its loans are ft for purpose is why this statutory review is vital to identify any necessary changes,” he added.

Commissioned by the then Minister for Agriculture, Fisheries, and Forestry, Murray Watt, the review was conducted by Dr. Wendy Craik AM. As required by the RIC Act, Dr. Craik examined the scope of the RIC’s activities post-June 30, 2026, and its future governance.

Dr. Craik engaged in over 100 meetings with more than 65 stakeholders, including agricultural groups, banks, Indigenous organizations, and other Commonwealth bodies, to ensure a thorough review process.

“We extend our gratitude to Dr. Craik for her diligent work on this review,” Mr. Lowe said.

The fnal report, including fndings and recommendations, was submitted to Minister Watt earlier this month and has now been tabled in Parliament and