25-03-2014 00:35 AM | Australia

Australian farmers hold $3.21bn in farm management deposits

As the drought bites in Queensland and northern NSW for its second year, Australian farmers hold $3.21bn in farm management deposits (Fmds), designed to draw on during tough financial years caused by seasonal fluctuations.

Fmd savings peaked at $3.72bn in June last year for the farming industry, with a total production value of $48.7bn in 2010-11.

Queensland is suffering the largest ever recorded area in drought, representing 79% of that state. Total deposits in Queensland as of February this year amount to $689m in savings across 8,177 Fmd accounts, amounting to an average of $84,266 per account.
Full Story : The Guardian