The Regional Investment Corporation (RIC) provides low interest federal government to farmers and farm-related small businesses and for plantations.
RIC loans can be used to invest, prepare for, manage or recover from drought, for new farms and succession planning, and develop new or replant bushfire-damaged plantations.
The RIC has a mandate to provide low-cost finance to farm businesses that are both in financial need of assistance and viable over the long term to repay the loan.
The forest and timber industry in the Murray Region Forestry Hub area continues to play a major role in the rural and regional economy despite the impact of the disastrous 2019‐20 fires. Prior to this fire event, the industry provided around $1.3 billion annually in direct economic output, and directly employed nearly 2,500 people. In addition, around 4,500 people held indirect jobs that were dependent on the industry in the South West Slopes Forestry Hub region1. As of 2021, the industry employed slightly over 2,100 people2, including around 200 pulp and paper workers who were made redundant due to the closure of the Norske Skog Albury mill3. The economic consequences of the fires are still being assessed, but the industry remains a vital component of the socio‐economic fabric of communities in the Hub region.
Purpose of Report This report, commissioned by the Murray Region Forestry Hub, presents the findings from Stage 1 of a […]
The team at MRFH are dedicated to keeping you informed about the developments, challenges, and opportunities in this vital sector […]
SUMMARY The purpose of this report is to document the potential future impacts of climate change on the optimal areas […]
This report is part of a larger project examining the social and economic contribution of the softwood forest industry within the Murray Region Forestry Hub area (Mylek et al. 2023). It examines the challenges experienced by softwood forest businesses in recent years, lessons learnt from these experiences, business innovations, business needs moving forward and how businesses can be supported to achieve these needs.