Australia: ABB Grain Ltd reassesses the grower indicator rate
In the wake of this week’s increase in the Reserve Bank’s official cash rate of 0.25%, ABB Grain Ltd will raise its grower indicator rate by a similar amount, ABB officials confirmed on May 05.
The rate will rise from the current 7.55%, to 7.8% and apply to all barley pools effective from May 12, 2006.
The widely anticipated increase in the Reserve Bank’s cash rate, announced on May 3, was in response to a continuing strong economy and intended to contain inflationary pressure.
ABB last adjusted its grower indicator rate on February 1 when it cut the rate by 0.15%.
ABB still believes its grower indicator rate is competitive with other lending sources because growers are not required to establish any costly security arrangements when borrowing from ABB.
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