The Reserve Bank of Australia's official cash rate for August remained at 4.75 per cent for the ninth consecutive month, and agribusiness rates have followed suite, with the average base rate remaining on hold at 6.85pc.

While NFF's lending rate monitor is yet to reflect any change, the banking sector has been anticipating rate cuts and modifying commercial debt pricing for long term lending arrangements with farmers who were able to lock in better deals this month.

Meanwhile, tightening overseas policies in response to escalating debt levels in government-subsidised sectors of the Europe and the US farm economies may also benefit Australian farmers, said NFF economics committee chairman, John McKillop.

"Debt levels in the US and the European Union continue to rise, bringing with them the potential to push the cost of credit higher and reign in spending," Mr McKillop said.

"The impact of this could be a win for Australian farmers, as attention turns to cutting funding for trade distorting farm support policies like the US Farm Bill and the EU Common Agricultural Policy in order to make savings.

"The need to reform these subsidy programs is something the NFF has long advocated for, as they distort international trade in agriculture.

Australian farmers are heavily exposed to global markets with extremely low levels of Government support, meaning that our farmers compete on an entirely unlevel playing field.

"In the past, NFF's reform efforts encountered enormous political resistance by our major competitors, but now it seems financial reality may be too strong for this reform to be avoided," Mr McKillop said.

His comments followed NFF president, Jock Laurie, meeting with the head of the World Trade Organisation (WTO), director-general Pascal Lamy, in Sydney and Canberra last week, where discussion focused on the extent of overseas debt burdening many countries currently deadlocked in the Doha Round of WTO trade liberisation talks.