One Nation’s newest MP David Farley has managed to secure support from Prime Minister Anthony Albanese to help save a major agriculture business from sweeping job cuts.

Mr Farley has confirmed the federal government is considering a multimillion-dollar package to support SunRice mills in the NSW Riverina after an intervention from Anthony Albanese.

SunRice, one of the largest rice companies in the world, revealed earlier this month it would cull 78 jobs and change 92 positions across its Deniliquin and Leeton mills, as well as Australian Grain Storage.

SunRice chief executive Paul Serra, in a statement announcing the changes, highlighted the company would continue to advocate against the “adverse impacts of water policy settings” on the rice industry in the Riverina.

The government’s controversial water buyback scheme has been blamed by critics, including Mr Farley, for reducing the amount of irrigation water available for growing crops, and thus lowering crop volumes.

But in a Sunday appearance on ABC Insiders, Mr Farley said a deal to save the SunRice jobs had been struck.

“I’m happy with the outcome as it’s progressing,” he said.

The Farrer MP said the Prime Minister had approached him at an event earlier in the week and pledged support from the government.

“I was impressed how (Mr Albanese) at the Governor-General’s event the other night, came straight up to me and said, ‘Look, I’m aware of it. I’m working on it. We’ll get it done,’” Mr Farley said.

“Even after, as we left the (House of Representatives) chamber the other day, we spoke, all the way across to the Senate, talking about it. How (the support) could be done and put together.

“So you know, I tilt my hat to them.”

Although he did not confirm details of the deal, Mr Farley said he had previously lobbied the government to match the $15m provided by the industry to invest in the plant “to avoid the redundancies of 78 families”.

As for his position on the water buybacks, Mr Farley said local producers had concerns the policy was prioritising the environment over food security.

“We’re great proponents and believers that you know you need a healthy food chain, affordable, secure food, and you need a healthy environment,” he said.

A spokeperson for Environment Minister Murray Watt’s office confirmed the government had received a ‘verbal proposal’ from SunRice for “potential new investment in packaging facilities in the Riverina”.

“The government has indicated to all parties that we will consider the co-investment once a formal proposal is received,” the spokesperson said.