Preparing for drought
A NEW $5 billion Future Drought Fund will help fund research and measures for drought resilience, preparedness and recovery.
Minister for Agriculture David Littleproud said the fund was a forward-looking policy that would pay off for decades to come.
“We’re guaranteeing long-term revenue to build drought resilience,” he said.
“The Future Drought Fund will help give farmers tools to prepare for, manage and sustain their businesses through drought.
“The Future Drought Fund will deliver infrastructure projects, promote the adoption of new technology and help improve environmental and natural resource management on farms. Importantly, it will not be used to fund existing measures already in place.”
Minister for Finance and the Public Service Mathias Cormann said the fund would start with $3.9 billion, growing to $5 billion during the next decade.
“From 1 July 2020,
$100 million will be directed annually to fund a wide range of drought-resilience projects while the balance is reinvested in the fund.
“A predictable funding stream for drought resilience will enable Australia’s $60 billion agricultural industries to fulfil their potential.”