Australia offers drought ravaged farmers up to $688 million in cheap loans

Australia will offer farmers hurt by drought up to A$1 billion in cheap loans, Prime Minister Scott Morrison said on Thursday. Farmers across Australia's east coast have been battling drought conditions for more than three years, fading agricultural production and leaving some towns on the edge of running out of drinking water supplies. With growing anger among the conservative government's traditional voter base, Morrison offered new financial aid, including temporary interest free loans, designed to allow farmers to stave-off bankruptcy.