Farm Debt Mediation Act 1994 (NSW) - 2018 Amendments
The NSW Parliament passed the Farm Debt Mediation Amendment Act 2018 (NSW) on 3 May 2018
The amendments commenced by proclamation on 3 September 2018
The Farm Debt Mediation Amendment Act 2018 (NSW) enhances the principal Act (‘the Act’) by strengthening its accessibility, flexibility and fairness.
The amendments provide more opportunity for farmers and creditors to successfully resolve debt issues, providing opportunities for long-term success in farming businesses.
The amendments respond to the findings of a review of the Act in 2017.
The review found broad stakeholder support for the key features of the Act including its simplicity, flexibility and structured approach to informal dispute resolution and its procedural fairness and equitable cost sharing.
Farm debt mediators, financial counsellors, lawyers, farmers, industry bodies and accountants provided feedback to that review.
The amendments also contribute to the national harmonisation of farm debt mediation legislation.
For more information about the amendments, please click here.
Documents and transcripts for the Bill can be accessed at the links below:
|Text of Bill||Passed by both Houses|
|Explanatory Notes||XN Farm Debt Mediation Amendment Bill|
Transcript of Speeches:
|2R Speech LA||Second Reading Speech LA|
|2R Speech LC||Second Reading Speech LC|
The Farm Debt Mediation Act 1994 (NSW) was reviewed in 2017 to ensure it continues to deliver on its original intent, and to provide a model for nationally consistent legislation.
The public consultation period on the Review Consultation Paper closed on 5 May 2017.
The Board of the NSW Rural Assistance Authority (RAA) oversaw the review.
Submissions and responses to the online survey can be assessed here.