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Last updated on March 6th, 2018 at 12:30 am
Australian farmers could reap big dividends from the Bush administration’s “monumental” decision to slash US farm subsidies in an effort to reduce Washington’s budget deficit, Trade Minister Mark Vaile predicted last night.
Deep cuts in US farm and commodity programs were expected in the new Bush administration budget, limiting annual subsidies to individual farmers to $US250,000 ($323,000). At present, farmers can receive subsidies of up to $US2 million.
Mr Vaile last night hailed the proposal as a significant breakthrough for Australian farmers, but warned it would face strong resistance from the US farm lobby.
The US farm lobby isn’t really a farm lobby. It’s more of a subsidy lobby.