Regional Investment Corporation Loans

The Hon. N.J. CENTOFANTI (Leader of the Opposition) (14:31): I seek leave before asking a question of the Minister for Primary Industries on the topic of algal bloom and RIC loans.

Leave granted.

The Hon. N.J. CENTOFANTI: The Prime Minister today announced that he would be extending the RIC loans that are available to farmers to our fishing and aquaculture industries. Given what farmers are telling us—and in fact the Pastoralists and Graziers Association have been quoted as saying, 'At these rates, RIC loans are no different to walking into commercial banks'—my question to the minister is: does she believe that RIC loans at their current variable interest rate are sufficient to adequately support our fishers during these unprecedented times? Also, I am interested to hear as to whether or not she believes that these RIC loans are also sufficient to adequately continue to support our farmers during the drought.

The Hon. C.M. SCRIVEN (Minister for Primary Industries and Regional Development, Minister for Forest Industries) (14:33): I thank the honourable member for her question. I think we have discussed here, on a number of occasions in the past, advocacy to the federal government in regard to the RIC loans. I have certainly had multiple discussions with my federal counterpart in regard to them and have put the case that the interest rate should be lower than the current 5.18 per cent. The state government will continue to advocate in that regard.

I was pleased to see the Prime Minister today announcing the establishment of a significant ecological event assistance program to support communities through types of events such as the harmful algal bloom. That will be delivered by the extended and enhanced Regional Investment Corporation. We look forward to continuing to work with the federal government, and I understand we will have the opportunity to provide further input into how that program develops.