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The federal government will invest $519.1m into the Future Drought Fund in a bid to increase climate resilience and assist farmers and regional communities to prepare for the next drought.
Anthony Albanese will on Tuesday announce the government will provide what it says is “record” funding for the Future Drought Fund, which aims to provide secure, continuous funding for drought resilience initiatives, in next week’s budget.
The government says the fund has also been restructured and will provide better tools for farmers to help mitigate the impact of drought on their farms, strategies for local communities to prepare for and manage risks throughout droughts and increased investment in the existing network of drought hubs.
The fund’s programs will start becoming available from July 1 this year.
The Prime Minister said it was “vital” the government supported Australian farmers and producers to be prepared for more severe weather impacts.
“That is why we’re investing hundreds of millions more in the agricultural sector and regional communities to plan and prepare for drought through the Future Drought Fund,” Mr Albanese said.
“By doing the work now our rural and regional communities are not just reacting to events as they unfold, but will have considered plans to make them more resilient to climate change.”
Agriculture Minister Murray Watt said Australians were already seeing very dry conditions in Western Australia and some parts of Tasmania.
“Time is of the essence when it comes to planning for drought, that’s why we’re investing heavily now in a new and improved Future Drought Fund,” Mr Watt said.
“We’re helping farmers across the country develop business plans to manage diversification in a changing climate, we’re helping regional communities manage drought and other climate risks, and helping individuals get leadership training and mentoring.”
Mr Watt said he had seen great work under the Future Drought Fund, including trialling new, drought-resistant livestock feed and connecting farmers with the latest scientific advice on reducing drought impacts.
“Our commitment of nearly $520m from the FDF supports farmers and farming communities to take steps ahead of time,” he said.
“This not only empowers farmers and communities but makes them more self-reliant when drought hits.”
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