The co-operative’s announcement that its expected milk price of $6 a kilogram for milk solids, which had already been revised down to $5.60, would be more like $4.75 to $5.

Murray Goulburn’s chief executive Gary Helou (pictured) paid a heavy price for the botched forecasts, resigning his post. Compared with farmers, he has got off lightly.

While he can pursue a new job, it’s not that simple for farmers.

Many carry significant loans and Murray Goulburn’s decision to slash its price for this financial year will force them to re-finance. Their livelihoods and dreams will now largely rest in the hands of the banks.

While Murray Goulburn is prepared to provide a milk supply support package that gives farmers $5.47 per kilogram this financial year, it expects farmers to pay back the support payments over the next three years. That means farmers have worked for nothing this financial year and will be struggling over the next three years.

That’s soul destroying.

Farmers are already battling after an extended dry period, many feeding their stock because pasture growth has been minimal. The costs associated with buying water and feed have already been eating away at returns. Now this.

It’s not surprising some investors in Murray Goulburn’s unit trust are considering legal action after the profit forecast it released this week was half that was predicted when launched last year.

Central Victoria has a vibrant, diversified economy, and much of the region’s fortunes ride on the back of farmers.

If farmers are doing well, then the region is booming. There’s a lot more at stake than meets the eye. Even more worrying is the mental health of our farmers and their families. They need our support and understanding more than ever. They are innocent victims and deserve better.

As for Murray Goulburn, it plans to push on with its $500 new plant at Koroit and presumably it’s business as usual.

Lawyers might change that.

Simply, Murray Goulburn needs to learn a lesson – deliver only what you can.

Had the co-operative started its price lower and then risen it, Murray Goulburn and its suppliers wouldn’t be facing tough, uncertain times.