Boost for Australian family-run farms

Family run arms across Australia can look forward to additional support from the government, thanks to the introduction of the Small Business and Family Enterprise Ombudsman.

"Australia's farming families are the source of the food you eat, they are a vital generator of so much economic activity right across the supply chain, and ultimately they make a substantial contribution to the national economy," explained Minister for Agriculture Barnaby Joyce in a March 25 press release.

Keeping farms profitable is important to the government due to the role they play in the wider financial outlook of the country. According to figures from the Australian Bureau of Statistics, the total value of agricultural output across the country stands at $48 billion annually.

The interests of farm owners - especially family-run outfits, which typically fall into the category of small to medium enterprises - will now be looked after more closely.

"The Australian Small Business and Family Enterprise Ombudsman is one more way that we will listen to Australian farmers, improve their engagement with government and ensure their best interests are represented in policy and programme design," Mr Joyce added.

Many of the smaller farms across Australia have been in business since the mid-20th century. Not only do they provide economic contributions but they are also iconic within the wider sector.

As international interest in Australian agriculture grows - as evidenced by the number of free trade agreements that Australia has entered into of late - it's important that longstanding institutions hold the same rights and have a similar level of backing as their bigger counterparts. Thanks to this new scheme, that looks likely to be the case.

As agriculture across the country is more competitive than ever, there is no better time for farmers to check that their endeavours are properly protected. With that in mind, Elders Insurance can offer farm insurance policies that cover everything from equipment to buildings thoroughly and effectively.