THE Coalition Government recently introduced legislation to establish a new, secure, revenue stream for drought resilience, preparedness and recovery, which will grow to be worth $5B.
The fund will help give out farmers tools to prepare for, manage and sustain their businesses through drought and will deliver infrastructure projects, promote the adoption of new technology and help improve environmental and natural resource management on farms.
Minister for Agriculture, David Littleproud said the Future Drought Fund was a forward-looking policy which will pay off for decades to come.
“We’re guaranteeing long-term revenue to build drought resilience,” Minister Littleproud said.
Minister for Finance and the Public Service, Mathias Cormann said the fund would start with $3.9B, growing to $5B over the next decade.
“From July 1, 2020, $100M will be directed annually to fund a wide range of drought resilience projects, while the balance is reinvested the fund.
“A predictable funding stream for drought resilience will enable Australia’s $60B agricultural industries to fulfil their potential.”
The government will develop and publish the Drought Resilience Funding Plan to ensure a transparent and consistent approach to funding drought resilience projects.
“The plan will be informed through public consultation and reviewed at least every four years to ensure it captures emerging priorities,” Minister Cormann said.
More information on drought support is available at www.agriculture.gov.au/ag-farm-food/drought
