Daniel McCullochVerified account

Labor's Murray Watt has described the proposed agency as a white elephant and exercise in pork barrelling which will deliver false hope.

Watt: "It is nothing more than pork to be followed by poverty, which is exactly what the National Party has become famous for."

Watt says it's no coincidence the proposed agency would be based in Orange, which the NSW Nationals lost in a damaging byelection last year.

Senator David Lleyenholm also comes out swinging against the Regional Investment Corporation, arguing "bleaters" should be left to go broke.

Lleyenholm: "I love Australian agriculture, and that is why I condemn this bill."

Nationals senator Barry O'Sullivan rejects idea some farmers are whingers looking for government handouts, saying they're very proud people.

O'Sullivan: the agency isn't getting new funds, but bringing existing funds under the one commonwealth roof to make it easier to administer.

"I reject absolutely any sort of blanket assumption that a large number of people in this industry, or these industries, are bleaters."