Australia’s federal government has responded to the critical drought situation in the country by introducing the $5 billion Drought Future Fund for Australian farm businesses. An initial $3.9 billion injection in 2019 will be followed by an annual allocation of $100 million from 2020 until 2028.
Announcing the Drought Future Fund at the Canberra Drought Summit in October last, Prime Minister Scott Morrison said, “In terms of ensuring that we are making farm businesses stronger businesses, this is about them being strong, profitable, competitive, productive businesses.”
The fund includes $50 million dedicated to on-farm emergency stock water infrastructure for drought affected primary producers. There will be a rebate of up to 25 per cent of the costs associated with purchasing and installing new water infrastructure on the farm including water tanks, piping, pumps and fittings.
Eligible farmers can now receive additional payments from the Farm Household Allowance (FHA), which is currently being reviewed, with results and recommendations to be announced in early 2019.
The NSW government had announced the Emergency Drought Relief Package in 2018 after it was recognised that 99% of the state was affected by drought. The $500 million package includes the Drought Assistance Fund, which offers approved applicants interest-free loans of up to $50,000 for activities such as transport of livestock and water infrastructure.
Know more about the Farm Household Allowance as well as available subsidies and grants in NSW.
