An independent review through the Farm Business Analysis Assistance program has given Colin and Amanda Stewart an insight into their farming operations and validated their decision to diversify.
The program, delivered as part of the Queensland Rural and Industry Development Authority’s (QRIDA’s) Farm Debt Restructure Office, aims to get producers and financiers back around the table to tackle farm debt head-on.
Mr Stewart (pictured) has lived on his Strathbogie cattle property all his life, as did his father and grandfather, but drought meant he and Amanda had to diversify into new opportunities if their family, including three daughters, were to continue this tradition.
He said drought was the primary influence on their need to diversify.
“We’ve just got through one of the biggest droughts,” Mr Stewart said.
“We started off as irrigation farmers then the river decided not to run for four years so we had cash-flow problems and as a result we sold our irrigation to our neighbour and we sold some of the back country off,” he said.
“We’ve had some ups and downs in that time but we are at a good comfortable spot now and QRIDA has helped us out.”
Mrs Stewart said the Farm Business Analysis Assistance report provided confirmation of their ability to continue running the property.
“We diversified and needed some help to make sure we were on the right path; whether we wanted to reduce debt or buy some more cattle to reach our capacity quicker,” Mrs Stewart said.
“The Farm Business Analysis Assistance was very helpful that way. We rang up QRIDA and asked about our options; we wanted to make sure our family was going in the right direction.”
She said the family had had enough “of this bouncing along the bottom”.
“We still want to be here and want our kids to be here. This confirmed for us we were on the right track. It was good,” Mrs Stewart said.
She said the Farm Business Analysis Assistance program provided them with a valuable tool to pass onto other stakeholders in the business.
