The results of Federated Farmers Farm Confidence Survey are a damning report on Labour’s economic mismanagement and regulatory war on farmers, National’s Agriculture spokesperson Todd McClay says.

“With just four per cent of farmers expecting their own profitability to improve in the next 12 months, and with more than 70 per cent expecting profitability to worsen, farmers continue to lack confidence and are unlikely to invest under a Labour Government.

“While the survey shows yet another record low, it is far from the first record low under Labour. Labour has overseen six years of deteriorating farmer confidence scores across the Rabobank, ANZ and now Federated Farmers farm confidence statistics. Farmers are bearing the brunt of a government that does not understand agriculture and is determined to pile more and more regulation on the core of the New Zealand economy.

“Worryingly, the survey was conducted before Fonterra announced a $1 billion cut to how much it expects to pay dairy farmers last week. Lamb prices have also fallen 25 per cent in just the past 12 months.

“Grant Robertson has already signalled that tax revenue is falling significantly as company profits fall. Low farmer confidence will continue to worsen the Government’s fiscal situation as farmers put away their credit cards and spend less money in rural communities.

“In the final chaotic days of this Government, it is becoming clearer what an economic mess Labour is leaving as their legacy. New Zealand needs a government that will not only balance the books in the short term but halt Labour’s war on farmers.

“National’s Getting Back to Farming Policy cuts red tape to restore farmer confidence so the rural sector can once again be the driver of economic growth across New Zealand.”