Federated Farmers is delighted with ANZ Bank’s $60 million initiative for new farmers saying it is a massive vote of confidence in farming’s future.

Federated Farmers President and economics spokesperson Bruce Wills said he hopes other banks ‘will do likewise’.

Anything the banks can do to get more people into farming is good from Federated Farmers perspective, he said.

The banks aren’t doing this for altruistic reasons. They know the future of our economy lies in food and fibre, whether that is on a farm, in a  factory, or the research lab adding value.

Earlier this week the ANZ Bank warned of a ‘lost generation’ of Kiwis who are turning their backs on agriculture, as the cost of getting onto a farm ‘soars beyond the reach of young investors.

The average age of a New Zealand farmer now tops 50 and the bank says its analysis has revealed that the capital needed to buy a farm has soared to over $1million for a deposit on a dairy farm, and at least $1.5-2 million for the first sheep or beef farm.