Young farmer savings plan
(.Veto Zealand Press Association)
AUCKLAND, June 1.
The Government would introduce a savings scheme in a very few weeks which would help young people to get on to farms, said the Minister of Agriculture (Mr Moyle) today.
He told a group of Auckland farm cadets that savings under the scheme would be free of income tax, and would be subsidised with interest rates to encourage young farmers to save as much as they could.
“I would urge you to make as much use of this opportunity as you can,” he said. The sort of deposit needed to buy a farm was so large that it could well be that the Government would look at the idea of putting a young farmer on to a leasehold farm for the first seven years to overcome the problem of large deposits, said Mr Moyle. He said he thought that even under a leasehold scheme a young man going farming needed a minimum of about $l A ,OOO to succeed.
The savings scheme would not be limited to farm cadets; it would include anyone who ’was genuinely involved in ; agricultural work.
The details were being worked out.
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Bibliographic details
Press, Volume CXIII, Issue 33241, 2 June 1973, Page 16
Word Count
197Young farmer savings plan Press, Volume CXIII, Issue 33241, 2 June 1973, Page 16
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