Pre­par­ing for drought

Gatton Star - - LIFE INTO RURAL -

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.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.