Why Australia’s new farm laws will hurt the economy

Farm workers will be able to stay in Australia, and their families will benefit as a result of a change in the Farm Industry Minister.

Photo: Alex Ellinghausen “We know there are people that are struggling to make ends meet and are relying on government support, and they’ve been hit hard by the drought,” Agriculture Minister Barnaby Joyce said.

“The Government will be ensuring that people have the support they need to do that.”

The legislation, which also introduces an independent board of management for small and medium-sized businesses, will be introduced in the coming weeks.

It will require companies to report annual sales, farm income, cash flow, capital and labour costs.

The Government says it wants to prevent companies from “taking a hit” in the future.

“Small and medium sized enterprises are our main industry, so it’s really important that they have the confidence to grow,” Mr Joyce said in a statement.

“In the last financial year, we’ve seen a lot of businesses move their operations offshore, and that’s having a very big impact on the jobs that small and small businesses are creating here in Australia.”

Small and medium businesses were expected to account for about 11 per cent of Australia’s total farm income in 2016-17, up from 9.9 per cent in 2016.

However, the Government has been forced to cut back on the number of farms in order to meet the Government’s commitment to reduce the carbon footprint of the economy by 30 per cent by 2030.

“Our small and marginal farm income is projected to fall by 9 per cent over the next five years and this is a significant reduction from the 14 per cent annual reduction we announced in the Budget last year,” Mr Morrison said.

A spokesperson for the Minister said there would be no change to the requirement for businesses to report financial information to the Government, nor would the Government be mandating changes to the industry.

“Small and marginal farming has been a vital part of the Australian economy and it will remain so,” the spokesperson said.

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