Friday, November 6th, 2009
Rural Bank continues to strengthen its presence in northern Australia, announcing the appointment of Geoff Magoffin as Regional Banking Manager.

Geoff brings a wealth of knowledge and experience to Rural Bank, having spent almost 20 years working in the Agribusiness banking sector, most recently as Queensland Head of Agribusiness at Suncorp.

In his new role, Geoff oversees Rural Bank’s Northern Australia banking network, which encompasses Queensland, most of New South Wales, Northern Western Australia and the Northern Territory.

“Farmers have faced a number of major challenges in recent years, but economic conditions and the market place are looking more positive – signalling better times ahead,” he said.

Geoff said the rising Australian dollar was one of these challenges and there was much speculation in farming circles as to if it would reach parity with the US dollar.

“While exchange rates are very important, what also matters is the price of commodities. Agriculture based commodity prices (set in $USD) have remained relatively stable through this period, largely offsetting the negative impacts of the rising Aussie dollar for farmers.

“There’s no doubting that some sectors across Australia have been hit hard due to a range of domestic pressures such as drought and international competition. But overall, primary producers have enjoyed a relatively good time of late.”

Geoff was also pleased by signs of strength returning to the cattle industry in the region - the result of cheaper grain, lower feeder cattle prices and increased availability of suitable cattle, he said.

“Recent Meat and Livestock Australia figures indicate that the number of cattle in feedlots in the September quarter was up 17 per cent on the same period last year, which is indicative of the turn around in the industry.

“Export markets for grain fed beef continue to remain tough, although I see that being counterbalanced by an active shift towards domestic markets.”

Meanwhile Geoff said the decision by the Reserve Bank Australia (RBA) to raise the cash rate 25 basis points, to 3.25 per cent, presented a number of opportunities for investors.

“Firstly Term Deposit rates are rising rapidly and investors should take advantage of these rises. For example, Rural Bank’s six month Term Deposit rate is currently at 5.25 per cent, which is well above the current RBA cash rate,” he said.

In his role Geoff, who is based in Brisbane, spends most of his time on the road visiting Rural Bank’s District Banking Managers as well as customers.

“Our representatives live and work in rural and regional communities and understand the specific requirements of our customers who live in those areas,” Geoff said.

“As a result, we are in a unique position to deliver advice and tailored banking products and services that help deal directly with life’s challenges and importantly capture and maximise opportunities as they arise.

“Rural Bank was formed in 2000 to fill a void in rural and regional areas when the major banks were leaving. Today we continue to support these areas and more importantly, every cent deposited with Rural Bank is reinvested back into these communities - it’s something that we are very proud of and sets us apart from the rest.”

Rural Bank is located in 250 locations across rural and regional Australia and is celebrating its recent brand relaunch by offering special lending and deposit rates over the next few months for both its existing loyal customers and new customers.

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Rural Bank

Rural Bank was established in 2000 as Elders Rural Bank and is one of Australia’s leading banks servicing rural and regional Australia with more than 35,000 customers and assets under management in excess of $3.7 billion. Rural Bank’s products and services are available at more than 250 outlets throughout Australia, including selected Elders Rural Services and Bendigo and Adelaide Bank branches. For more information visit
Alison Michell
P: 0417 873 855
M: 0417 873 855


Rural Bank continues to strengthen its presence in northern Australia, announcing the appointment of Geoff Magoffin as Regional Banking Manager.


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