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Matt O'Dea walked into a big four bank at seventeen and walked out roughly thirty years later, having run the agricultural division for South Australia and Western Australia. He now runs O'Dea Farm Finance from the Clare Valley — and he is unusually candid about how farm credit decisions actually get made. Mike Krause asks him what has really changed since the Hayne Royal Commission. Recommendation 1.114 requires banks to use experienced agricultural bankers on distressed farm loans and to offer farm debt mediation early. Meanwhile more than one in three regional branches have closed since 2017, credit decisions have moved to centralised city teams, and agricultural lending has grown to $120 billion. In this episode: Why compliance, not interest rates, is the biggest change since the CommissionHow closely banks actually read your cash flow — and why it depends on your debt levelWhat changed with land valuations, and when paying for an independent one is worth itThe structural mistake Matt sees constantly: 80% of debt on the overdraft, 20% on the cheaper term loanWho really approves your loan, and why it is not your local bankerWhy brokers went from 1 in 10 agricultural loans to nearly 5 in 10Looking past the headline rate at line fees, management fees and undrawn limit feesWhat happens inside a bank's "bad bank" — and why farm debt mediation is not offered early enoughMatt also discloses his own incentive: brokers earn an upfront fee when a client switches banks and only a trailing commission if they stay. He explains why he still tells people not to move if their existing bank is competitive. Chapters: 00:00 Introduction: the Royal Commission and shrinking branches 01:59 Matt's background: 30 years inside a big four bank 03:52 The biggest change since the Commission: compliance 04:21 Know your customer, and the new focus on cash flow 06:33 Does the bank actually read your cash flow? 07:46 Land valuations after the Royal Commission 10:07 When an independent valuation is worth paying for 11:05 Branch closures, centralised credit, lost local knowledge 12:59 Two hard seasons, and bankers who haven't seen them 14:16 Where farmers should go now for finance support 17:52 Does the bank care if you know your own numbers? 18:44 Broker share: from 1 in 10 to nearly 5 in 10 ag loans 19:49 Who approves the loan — the credit manager, not your banker 22:29 Is it worth shopping your finance around? 24:05 Look past the rate: the fees that add up 24:59 Matt's full disclosure on broker incentives 26:56 Loyalty when things get tight, and farm debt mediation 27:41 Inside the "bad bank" 29:57 Why mediation isn't offered early enough 32:44 Generational shift: loyalty versus price Guest: Matt O'Dea, O'Dea Farm Finance, Clare Valley, South Australia Host: Mike Krause, CEO of P2P Agri The information in this episode is general in nature and does not take account of your individual circumstances. It is not a recommendation to take any particular course of action. Please seek advice specific to your own situation before making financial decisions. Learn more about P2P Agri: https://p2pagri.com.au

Most farmers are told to know their numbers. Lisa Jeitz actually does. In this episode of the Your Farm Business Podcast, Mike Krause steps inside the farm office of a 6,500 hectare cropping operation in Esperance, WA, run by someone who spent more than a decade as a farm business management consultant before becoming the farmer herself. Lisa shares the systems that keep the business on track: cash flow as the number one budget (under a company structure, staying solvent is a legal obligation for directors), printed reports for the family every second month, and a 20-plus year spreadsheet of yields, prices and input costs with no gaps in it. She also explains the grain marketing approach that helps her sleep at night: standing targets of $400 plus for wheat and $800 plus for GM canola, set so every tonne sold locks in a profit, not just break even. Plus the KPI that keeps a self-confessed "shiny new things" machinery habit honest: finance payments capped at 10% of gross farm income. WHAT YOU'LL LEARN: Why cash flow budgeting comes first when you farm under a company structureHow comparing planned vs actual gross margins sharpens next year's decisionsWhy Lisa budgets with 5 to 10 year average costs (memory says everything was cheap; the spreadsheet says otherwise)Setting grain price targets that lock in profit, not break evenThe 10% rule: keeping machinery finance under 10% of gross farm incomeWhy new technology has to pay for itself within one to five yearsThe management balance sheet: measuring growth with and without rising land valuesWhy they chase more profit per hectare instead of expansionSuccession thinking: why the kids can't come home before 25Lisa's advice for anyone starting in the farm office: do the numbers thoroughly and keep the recordsCHAPTERS: 0:00 Welcome  01:02 From farm consultant to Esperance farmer  02:44 The farm: 6,500 hectares,  100% cropping  04:58 Cash flow comes first: budgeting as a company director  06:50 Gross margins: planned vs actuals  08:52 Twenty years of records: budgeting on long-term averages  10:17 Pricing crop two years ahead  11:52 Price targets that lock in profit, not break even  14:02 The 10% machinery finance rule  16:20 Optimal timing: the key driver of success  17:03 Why water use efficiency doesn't suit Esperance  19:16 A farmer's balance sheet vs the accountant's P&L  20:22 Measuring growth without rising land values  21:43 Five year budgets and the expansion question  23:52 Their "why": more profit from the same land  27:12 The next generation: not home before 25  28:35 Hindsight and advice: do the numbers early  31:07 "Charlie from Clarkson's Farm" and closing thoughts ABOUT THE GUEST: Lisa Jeitz farms 6,500 hectares of wheat and canola with her husband Kirk at Esperance, WA. A farmer's daughter with an ag science degree from UWA, she worked as an agronomist before spending more than a decade as a farm business management consultant with an accounting firm, experience she now applies daily in her own farm office. LINKS & RESOURCES: P2P Agri (free demo & Essentials tier): https://p2pagri.com.auPlan to Profit financial literacy course (search "plan to profit tocal")"Farming the Business" by Mike Krause (GRDC)SUBSCRIBE for more conversations with the people shaping the future of Australian farm business. #YourFarmBusinessPodcast #P2PAgri #FarmFinance #FarmBudgeting #AustralianAgriculture Learn more about P2P Agri: https://p2pagri.com.au

When the bank says yes to a $3 million loan, does that make it a good decision? Not necessarily. In Episode 13 of the Your Farm Business Podcast, host Tom Moir sits down with Mike Krause, founder and CEO of P2P Agri, to unpack the real relationship between farmers and their banks — and how to walk in with confidence. Drawing on four years as a bank economist and three decades helping farmers put their numbers together for lenders, Mike explains what actually motivates a bank (hint: it's their shareholders, not your profitability), the three things every lender checks before approving finance, and the one grey area where a well-prepared farmer can genuinely move the needle on their interest rate. It's a clear-eyed look at lending — why "set and forget" can quietly cost you, why the bank should never be your final decision-maker, and how to make the bank a partner rather than a risk. WHAT YOU'LL LEARN: What really motivates a bank — and why their interests aren't the same as yoursThe three things every lender assesses: security, ability to repay, and you as a managerWhy seasonal finance is priced differently to a land loan — and the catch with line-of-credit facilitiesThe "set and forget" trap, and a cautionary tale of a farm sitting at 17% equityWhy shopping your business around every few years keeps the big four honestThe documents that get a loan over the line: business plan, cash flow, balance sheetHow banks treat trends like carbon farming, green loans and AITwo banking myths worth debunking — and how to actually be "bank ready"CHAPTERS: 0:00 Welcome  00:57 Mike's background with banks  02:01 What actually motivates a bank to lend  04:34 The three things every bank looks for  09:39 Seasonal finance vs buying land  13:04 Common mistakes farmers make with banks  16:26 What documents to bring to the bank  18:47 The danger of "set and forget" — a cautionary tale  21:54 Carbon farming, green loans & AI in banking  25:29 How to be "bank ready"  27:30 Two banking myths to debunk  29:00 Where to find the financial literacy course  31:05 Closing thoughts: treat your bank as a partner ABOUT THE GUEST: Mike Krause is the CEO and founder of P2P Agri, an Australian software and training business that helps farmers analyse profitability, model "what-if" scenarios, plan succession and make confident long-term decisions. P2P Agri delivers training one-on-one and in partnership with TOCAL Ag College in NSW. LINKS & RESOURCES: P2P Agri (free demo & Essentials tier): https://p2pagri.com.auPlan to Profit financial literacy course — search "plan to profit tocal""Farming the Business" by Mike Krause (GRDC)SUBSCRIBE for more conversations with the people shaping the future of Australian farm business. #YourFarmBusinessPodcast #P2PAgri #FarmFinance #AustralianAgriculture #FarmBusinessManagement Learn more about P2P Agri: https://p2pagri.com.au

Most farmers judge their accountant by one number: how little tax they paid. But is that the right measure? In Episode 14 of the Your Farm Business Podcast, host Tom Moir sits down with Mike Krause, founder and CEO of P2P Agri, to unpack the relationship between farmers and their accountants, and the assumptions that can quietly cost you. Drawing on a consulting career spanning 200-plus farms, Mike explains what really motivates an accountant (protecting their ATO accreditation and minimising your tax, not necessarily growing your profit), and shares the moment that opened his eyes: a farmer who'd posted five straight years of losses, whose accountant never mentioned it because "that's not my role." It's an honest look at where accountants add real value, where farmers expect too much, and why sometimes paying a bit more tax is the smartest decision you can make. WHAT YOU'LL LEARN: The two things that actually motivate your accountant, and why they're conservative by designWhy your tax numbers and your bank numbers are not the same (and the 1966 land value still on the balance sheet)The "$1.2M header trap": how chasing a tax deduction can leave you exposed in a droughtTax strategies farmers often overlook: FMDs, prepaying inputs, machinery timing, business structuresWhy more trusts and structures mean more tax returns, and more feesHow to set up a chart of accounts that works for you, not just the ATOWhy government incentives and depreciation write-offs shouldn't drive your decisionsHow to work with your accountant year-round, not just at tax timeWhere AI may take tax and accounting in the next five to ten yearsCHAPTERS: 0:00 Welcome  01:20 Mike as "a farmer's accountant"  02:31 The accountant's perspective: two motivations  07:19 Don't assume your accountant sees the whole picture  08:25 Balancing tax minimisation with long-term growth  10:58 Do farmers expect too much? (Accountants make mistakes too)  13:22 Tax numbers vs bank numbers: why they differ  16:09 The $1.2M header trap: when minimising tax backfires  18:48 Tax strategies farmers often overlook  22:26 Record keeping, technology & your chart of accounts  25:54 Government incentives & changing tax laws  28:43 How to work with your accountant year-round  30:35 The big myth about farmers and accountants  32:05 The future: AI and the accountant  35:11 How the P2P Agri software fits with banks & accountants  38:24 Closing thoughts ABOUT THE GUEST: Mike Krause is the CEO and founder of P2P Agri, an Australian software and training business that helps farmers analyse profitability, model "what-if" scenarios, plan succession and make confident long-term decisions. P2P Agri delivers training one-on-one and in partnership with TOCAL Ag College in NSW. LINKS & RESOURCES: P2P Agri (free demo & Essentials tier): https://p2pagri.com.auPlan to Profit financial literacy course (search "plan to profit tocal")"Farming the Business" by Mike Krause (GRDC)SUBSCRIBE for more conversations with the people shaping the future of Australian farm business. #YourFarmBusinessPodcast #P2PAgri #FarmFinance #FarmTax #AustralianAgriculture Learn more about P2P Agri: https://p2pagri.com.au

Succession planning is one of the biggest risks any farming family will face — and one of the most avoided. In Episode 12 of the Your Farm Business Podcast, host Tom Moir sits down with Mike Krause, founder and CEO of P2P Agri, for an honest conversation about getting the farm from one generation to the next without tearing the family apart. Mike has helped around 20 farming families work through succession — with outcomes ranging from genuine success to outright disaster. He shares what separates the two: open and honest communication, a skilled third-party facilitator, and a willingness to name the "elephants in the room" before they detonate. He also explains why fair doesn't always mean equal — and why treating every child identically can be the very thing that ends the farm. From the worst case he's witnessed (a son who gave the farm ten years, only to have his future end at the reading of the will) to the brothers who split a property and both thrived, this episode is full of hard-won, practical wisdom. WHAT YOU'LL LEARN: Why succession is really about management and control — not just moneyFair vs equal: how to keep the farm viable without leaving siblings behindThe "hand grenade" facilitator — and why combative lawyers and accountants make it worseMike's facilitation process: one-on-one conversations, setting the agenda, naming the elephantsWhy you don't have to hand over management and assets at the same timeThe "chequebook before 30" rule for bringing the next generation into decision-makingWhy passing on the farm with debt isn't a bad thing — if it keeps the farm's sizeHow contested wills get divided equally — and why transferring assets early protects the farmStrategies for paying out non-farming siblings fairlyHow financial modelling shows the next generation exactly what they're walking intoCHAPTERS: 0:00 Welcome  01:20 How Mike fell into succession planning  04:09 Why it's the biggest elephant in the room  06:31 The worst case: a son's future ended at the will reading  08:26 Fair vs equal — and the emotional pull of the farm  09:06 How Mike facilitates a family meeting  12:23 What good succession planning looks like  16:43 Where to start if you've done nothing yet  18:59 One mouth, two ears: the facilitator's job  20:34 Modelling the numbers: the two brothers' story  24:08 Advice for families: go in with your eyes open  26:58 Splitting land: management matters more than acres  32:10 Strategies for paying out siblings fairly  35:37 Using the software to model the outcome  36:45 Wrap up ABOUT THE GUEST: Mike Krause is the CEO and founder of P2P Agri, an Australian software and training business that helps farmers analyse profitability, model "what-if" scenarios, plan succession and make confident long-term decisions. P2P Agri delivers training one-on-one and in partnership with TOCAL Ag College in NSW. LINKS & RESOURCES: P2P Agri (free demo & Essentials tier): https://p2pagri.com.au"Farming the Business" by Mike Krause (GRDC)SUBSCRIBE for more conversations with the people shaping the future of Australian farm business. #YourFarmBusinessPodcast #P2PAgri #FarmSuccession #AustralianAgriculture #FarmBusinessManagement Learn more about P2P Agri: https://p2pagri.com.au

What does it actually take to plan your farm's future with confidence? In Episode 11 of the Your Farm Business Podcast, host Tom Moir sits down again with Mike Krause — founder and CEO of P2P Agri — for a deep dive into the software itself: what it does, how it came about, and who it's built for. Mike reveals what "P2P" really stands for (Plan to Profit), and traces the journey from building one-off Excel spreadsheets for every farm he visited, to the "Risky Business" farming game farmers refused to hand back, to a 200-farm benchmarking project that exposed a hard truth — benchmarks tell you how you compare, but they rarely answer the big questions. Like: should I buy the neighbour, and will the bank still love me if we hit two years of drought? A practical look at how farm business modelling works — and why understanding your own numbers changes every conversation you have with your bank, accountant and advisors. WHAT YOU'LL LEARN: What P2P Agri stands for and the real problem it was built to solveWhy generic advice and benchmarking fall short — and what bespoke modelling does insteadThe "teach a farmer to fish" philosophy behind the trainingThe three levers of every farm business: liquidity, wealth and efficiency — and why focusing on just one is a mistakeHow the bank, the accountant and the advisor are each motivated differently from you — and what that means for your decisionsA walkthrough of the scenario analysis tool: modelling a drought, testing a land purchase, and reading your farm through your banker's eyesHow AI and cloud tech (including Xero integration) have made the platform 5x more productiveWho P2P Agri is for — and the free Essentials tier you can start with todayCHAPTERS: 0:00 Welcome  01:07 What "P2P Agri" actually stands for  01:46 The development journey: from Fortran to spreadsheets 05:14 More than advice: software built around your farm  06:20 "Teach a farmer to fish" — the training philosophy  07:37 How the training actually works  08:54 Technology adoption in farming: GST, cloud & Xero  13:07 The bank, accountant & advisor triangle  17:27 The three levers: liquidity, wealth & efficiency  20:16 Live software walkthrough: modelling a drought  24:03 Training 100 farmers a year with TOCAL Ag College  27:24 Who is P2P Agri for? 29:38 How to get started: free demo & Essentials  31:01 Wrap up ABOUT THE GUEST: Mike Krause is the CEO and founder of P2P Agri, an Australian software and training business that helps farmers analyse profitability, model "what-if" scenarios, plan succession and make confident long-term decisions. P2P Agri delivers training one-on-one and in partnership with TOCAL Ag College in NSW. LINKS & RESOURCES: P2P Agri (free demo & Essentials tier): https://p2pagri.com.au"Farming the Business" by Mike Krause (GRDC)SUBSCRIBE for more conversations with the people shaping the future of Australian farm business. #YourFarmBusinessPodcast #P2PAgri #AustralianAgriculture #FarmBusinessManagement #AgTech Learn more about P2P Agri: https://p2pagri.com.au

What does it really take to help Australian farmers make smarter financial decisions? In Episode 10, host Tom Moir sits down with Mike Krause — agricultural economist, author, and founder of P2P Agri — to unpack his journey from wheat-breeding glasshouses at Roseworthy Ag College to building one of Australia's most trusted farm business modelling platforms. Mike shares the full story: growing up the son of a wheat breeder, studying agricultural economics at the University of New England, completing a Masters in computer simulation at Lincoln University in New Zealand (back when he was coding in Fortran), and cutting his teeth as a government ag economist in the Riverland. From there it was four years inside a bank during one of the toughest periods Australian farmers have faced — when keys were being taken off properties on Eyre Peninsula — before a move into ag insurance consulting and eventually launching his own farm business advisory practice. A conversation packed with practical wisdom for any farmer thinking seriously about profitability, succession, expansion, and long-term resilience. WHAT YOU'LL LEARN: Why financial literacy is the single biggest lever most farm businesses are underusingThe "Risky Business" simulation workshop that proved farmers love what-if modellingTwo real case studies — a citrus grower's seven-year forecast that hit "to a T," and the farmer who bought the neighbour at auction, weathered two droughts, and didn't lose a night of sleepWhy benchmarking against other farmers can do more harm than good — and what to do insteadThe story behind "Farming the Business," the GRDC manual now in its 7th reprint (and how dyslexia helped Mike write it simply)Mike's outlook for 2026: how AI, drones, satellite imagery and virtual fencing are reshaping farming — and how P2P Agri has 5x'd its development speed using AIAdvice he'd give his 20-year-old self about building a career in agricultureCHAPTERS: 00:00 Welcome & what is P2P Agri  02:23 Growing up at Roseworthy Ag College  03:27 University, Fortran & computer simulation  06:11 Government, banking & the keys-off-farmers era  10:07 Closing the farm business knowledge gap  12:08 The Risky Business workshop that changed everything  14:08 Why P2P Agri was born  15:47 Real client stories: the citrus grower & the drought question  20:37 Writing "Farming the Business" for GRDC  23:00 Dyslexia as a gift for simplifying complexity  25:21 Advice to 20-year-old Mike  27:36 AI, drones & the future of Australian agriculture  30:00 Benchmarking vs modelling: what actually works  32:07 Wrap up ABOUT THE GUEST: Mike Krause is the CEO and founder of P2P Agri, an Australian software and training business that helps farmers analyse profitability, model "what-if" scenarios, plan succession and make confident long-term decisions. P2P Agri also delivers financial literacy training one-on-one and in partnership with TOCAL Ag College in NSW. LINKS & RESOURCES: P2P Agri: https://p2pagri.com.au"Farming the Business" by Mike Krause (GRDC) — available in print or free on iTunes with 50+ embedded training videosSUBSCRIBE for more conversations with the people shaping the future of Australian farm business. #YourFarmBusinessPodcast #P2PAgri #AustralianAgriculture #FarmBusinessManagement #AgTech Learn more about P2P Agri: https://p2pagri.com.au

What is the economic outlook for 2023 and how may this impact Australian agriculture?  In 2022, farmers experienced significant increases in interest rates, important input costs, particularly fertiliser, chemical and fuel, and changes to their commodity prices. While changes to these important components of the farming business are common, we haven’t experienced these large increases for some time. It’s important to be informed on what changes might be expected in 2023 so that we can be proactive in our planning for the coming season. Darryl Gobbet is an experienced economist with the rare ability to communicate clearly on these complex issues. He will provide you a background to what is driving these changes and what 2023 may hold for us. Learn more about P2P Agri: https://p2pagri.com.au

This week's Your Farm Business Podcast focuses on the impact of recent significant geo-political events in Ukraine, as well as the ongoing pandemic, on Australian farm businesses. Darryl Gobbett,  currently a Visiting Fellow at the SA Centre for Economic Studies at the University of Adelaide, shares his thoughts on these two significant developments, particularly their  impact on commodity prices, input costs, interest rates,  inflation, and the value of the Australian dollar. Learn more about P2P Agri: https://p2pagri.com.au

Peter Aikman began his journey toward greater understanding of his farm business by trying to discover the information behind his financial data.  “I wanted to improve my knowledge. I wanted more confidence in my numbers. I wanted more accuracy, transparency with business partners, whether that be people in your business or your banks and to enjoy it.” This has given Peter confidence in not only understanding his own data, but also empowering his business planning and decision-making. Learn more about P2P Agri: https://p2pagri.com.au

Phil Dibben, owner of Financial Services South Australia, shares with Mike Krause the benefits of good farm business management and using the P2PAgri software to help his business and his clients. He highlighted several key advantages: Using P2PAgri is easy Using P2PAgri saves him suffering from 'death by Excel' Clarifying the farm business performance for the client and their bank Being able to use Scenario Analysis to answer 'what-if' questions is the unique advantage for farmers and advisers in using the software Find out more about Phil and his services from his website: https://financialservicessa.com.au/ Learn more about P2P Agri: https://p2pagri.com.au

Judy Wilkinson and Mike Krause continue their discussion on Farm Succession Planning in this third podcast in the series.  This podcast focuses on how important it is to not be put off by some farming families' negative experiences. These can sometimes deter people in farming families from beginning the process.  Mike and Judy stress how this should instead highlight how critical it is to use the right process to achieve positive outcomes, rather than avoiding action at all.  Learn more about P2P Agri: https://p2pagri.com.au

In this second podcast on farm succession planning, Judy Wilkinson and Mike Krause discuss what process she has found helps a farming family to achieve a positive outcome to their farm succession process. Learn more about P2P Agri: https://p2pagri.com.au

Farm Succession Planning continues to be the most frequently requested topic  from farmers, whatever the forum:  podcast, blog or discussions with farmer groups.  Why does it continue to be such a challenging issue for so many farming families?  In this podcast, the first in a series of three that focuses on different issues relating to Farm Succession Planning, Mike talks with Judy Wilkinson about why it is so difficult, and when is the best time  to get started in this vital process. In her role as a consultant in farm succession planning for over 20 years, Judy has helped families navigate through a range of challenging issues, including difficult family relationships, a variety of  business structures,  and the farm business' exposure to risk. Her experience provides valuable insights and recommendations. Learn more about P2P Agri: https://p2pagri.com.au

Darryl Gobbet is currently a Visiting Fellow at the SA Centre for Economic Studies at the University of Adelaide. Darryl is an eminent economist and has had many roles in his successful business career. Darryl and Mike’s path first crossed in the late 1980’s at The State Bank, the predecessor the BankSA. Notably in those times interest rates reached the giddy heights of 22%.  Darryl shares his thoughts on current interest rates and where he thinks they are heading, and the impact of this on the farm business and rural land values.  Learn more about P2P Agri: https://p2pagri.com.au