Malcolm Turnbull

Farmers want milk price security

The federal government is asking the opposition to back its plan to help struggling dairy farmers. (AAP)

Dairy farmers will get federal and Victorian government help as the industry deals with the impact of dramatic price cuts.

Struggling dairy farmers will get government help but they say milk price security is the most important thing they need.

South Gippsland dairy farmer Tristan Zuidema said the government had "gone missing" since milk prices were dramatically slashed three weeks ago.

"They've only started coming out now because the public's started putting them under extreme pressure," Mr Zuidema told AAP on Friday.

Victorian farmers will be given counselling as part of a $1.5 million assistance package and Mr Zuidema said milk producers Murray Goulburn and Fonterra should also front up to farmers.

"A lot of dairy farmers have not seen one single field officer since the announcement," he said.

"Is it that hard to just come out, check up on the farmers, have a cup of coffee and just say 'how are you doing?'?"

Murray Goulburn last month slashed milk solids prices from $5.60 a kilogram to between $4.75 and $5 a kilogram because of a global slump, with competitor Fonterra doing the same shortly after.

Victorian Premier Daniel Andrews said a package of support for farmers would be announced in coming days, but Mr Zuidema said price certainty would give farmers the most relief.

"Security for the milk price above all, I think that's the biggest thing," Mr Zuidema said.

"I think the banks need to be a little bit understanding too."

ANZ has announced it will suspend repayments on loans - including credit cards - for up to three months, adjust lending limits, and waive certain fees for affected farmers.

Regional business banking manager Christine Linden said while many customers were doing it tough, medium and long-term industry outlook is strong.

Prime Minister Malcolm Turnbull said farm household assistance was now available, while ASIC and the ACCC are looking into Murray Goulburn's dramatic price changes.

"Because we are in caretaker (mode), we are consulting with the Labor Party, with a view to making further assistance available to dairy farmers," he told reporters.

Opposition agriculture spokesman Joel Fitzgibbon said Labor was prepared to work with the government, but it was taking too long.

Senator Nick Xenophon called for stronger protections for dairy farmers against "abuses of market power", an inquiry into the industry and for the commonwealth to use local milk powder in foreign aid.

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