December 17, 2014
Tough times coming in farming
New Zealand First leader Winston Peters is picking Maori farmers will cope better with what he expects will be tough times in the dairy sector over the coming year.
Mr Peters says the fall in the price Fonterra expects to be able to pay for milk will affect the whole economy.
He says some farmers may have been lured into a sense of complacency by optimistic forecasts from leaders who are thinking more about their own electoral prospects than what is best for the sector.
"Now as for the Maori farmer, because their debt or mortgage gearing is much lower, I think they will survive this, but overall what we are likely to face is a long, late, dry summer, you have got so many farmers who are over-geared, that means they are at the mercy of overseas banks in particular, and the dollar is getting back to 80 cents US," he says.
Mr Peters says for ideological reasons the Government has sat on its hands and done nothing to help farmers.
FOR THE FULL INTERVIEW WITH WINSTON PETERS CLICK ON THE LINK
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