Suncorp supports farmers at Beef Week 2021


Suncorp Bank revisited its roots as Queensland's longest-serving agriculture bank this May when it sponsored Central Queensland's Beef Week. Heading Suncorp's investment in its 100-year tradition of supporting farmers and regional businesses is April Cavanagh, Head of Suncorp Agribusiness, who says the Bank's support of events such as Beef Week 2021 strongly reinforces the importance of agriculture as a pillar in Australia's economy.


Suncorp supports farmers at Beef Week 2021

Suncorp Bank proudly sponsored Rockhampton’s Beef Week 2021, an event held once every three years in celebration of all facets of the beef industry.

The event saw more than 115,000 attendees make their way to Central Queensland, with around 63 tonnes of beef consumed throughout. Suncorp was a major sponsor of the event and hosted a stand in the arena that was designed to ignite the younger generations' interest in pursuing a future in the agriculture industry. 

April Cavanagh, Head of Suncorp Agribusiness says the decision to host a stand designed for children was a great way to future-proof the agricultural business.

"We had more than 3,000 kids pass through our stand at Beef Week 2021," Ms. Cavanagh says. 

"I'm really proud to support the sector and our future generations in this way.”

What is Beef Week?

Beef Week has a strong history dating back to 1988 when the cattle industry's national exhibition first showcased. The week-long celebrations held triennially is a celebration of parts of the cattle and beef industry, and is an opportunity for grassroots producers to engage with the world, and promote to the general public the quality, taste, and health benefits of beef. 

Ms. Cavanagh says that throughout the past decade, weather events like drought, bushfires and flooding have deeply affected cattle farmers, but the past 12 months have allowed beef producers to get back on track.

She says the impact of the pandemic likely highlighted to Australians the importance of the agricultural sector.

“Agriculture is a pillar of the economy – it always has been,” she says.

“I think the COVID-19 pandemic and associated lockdowns highlighted this to the general public, as we were all forced to stay at home and get back to basics."

From a banking perspective, Australian farmers are known for their resilience and we continue to have confidence in our food and fibre industry for that reason.

April Cavanagh, Head of Suncorp Agribusiness

In the past year, the Bank has seen an increase in land valuations, low-interest rates and high cattle prices, with subsequently higher demand for funding as families look to innovate and expand their businesses. 

Weather forecasts are looking favourable for the next few months with above average rainfall predicted; cattle markets are at record-highs as producers rebuild, and interest rates are predicted to stay at their record-lows until 2024. 

Ms. Cavanagh says Suncorp’s involvement in events like Beef Week are critical to supporting farmers and the industry.

“As a bank, we’re eager to support and invest in beef businesses and maintain our tradition of being Queensland’s agriculture bank for another 100 years."

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