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The National Australia Bank has entered into undertakings for breaches of the Trade Practices Act following promotions for its Wheat Advance product. The National confirmed today that it will continue to offer wheat growers a competitive funding option despite a problem that occurred with an advertisement for the National Wheat Advance. The National Wheat Advance funding package was launched in November last year and for the first time provided farmers with an alternative funding option prior to wheat being sold. Within weeks of its launch, the wheat industry was experiencing lower funding costs. "Unfortunately one advertisement, published in a number of rural publications, for our new product became factually incorrect when another lender adjusted its rate," said Mr Mike Carroll, General Manager Agribusiness. "The National published a retraction regarding the information in relevant Australian rural newspapers in late December 2000 and early January 2001 and wrote to grower customers who may have relied on the comparative information in the advertisements," he said. "The National has also provided an undertaking to the Australian Competition & Consumer Commission to address issues arising from the advertisement," he said. "The National appreciates the support wheat growers have shown for the product and we fully intend to continue to offer competitive and innovative financing to the wheat industry for the 2001 harvest," Mr Carroll said.
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