Drought, Crop Failures Pushing W. Australian Farmers Rapidly Into Bankruptcy - Reuters

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Dan Mangelsdorf, chairman of the Grain Growers Association and another West Wyalong wheat farmer, says he does not know of even one farmer who is not significantly in debt. National Australia Bank recently said that average Australian farm debt was A$412,000, up from A$150,000 in 1990. Many farms now owe much more than this, often millions, farmers say.

"No crops. No pasture. Fodder all gone. And no money," Ridley said. "Those of us who can, will face up to one more year and I reckon that will be it," he said.

Others have lost much more than Ridley. Around 50 kms away near the dying town of Barmedman, population around 200 and falling, Angus McLaren planted 5,000 ha at a cost of over A$1 million. "It's pretty much all lost," he said, batting at flies on a dirt road next to his failed crop. "It's unprecedented. We need a good year next year. We're just sliding into debt. At some stage you have to say 'enough is enough'," he said.

Ridley, McLaren and other farmers all say they will plant another crop next year. "Go to the banks and have one more throw of the dice," McLaren said. "Plant wall-to-wall. How are you going to repay debt if you don't have a crop?" he asked.

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http://www.planetark.org/dailynewsstory.cfm/newsid/44998/story.htm