The Federal Government has unveiled a $578 million financial assistance package over 10 years for Struggling dairy farmers on Wednesday morning.

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The support comes after Australia and New Zealand’s largest dairy processors unexpectedly cut the price of milk.

Australia’s Murray Goulburn processor said the price drop was due to unfavourable changes in the exchange rate.

Farmers will be offered $55 million in low-interest concessional loans up to June 30.

Another $500 million will be set aside for loans over the next two years.

National Federated Farmers boss Tony Mahar welcomed the news, telling ABC news that the government should be congratulated for responding to their current “exceptional circumstance”.

“This will undoubtedly help with cashflow across their businesses,” Mr Mahar said.