NSW Farmers supports comprehensive, integrated, consistent and effective national drought policy that:
a) Ensures that farm businesses are best prepared for, able to respond to , and able to recover from any drought event
b) Ensures that farm businesses are able to return as quickly as possible to contributing to the economic prosperity of both their local communities and the nation
c) Promotes preparedness and self-reliance, both of which are critical elements of good farm business planning
d) Recognises that there are fundamental limits to what event the best farm business will be able to prepare for, and supports provision of 'in drought' government support for farm businesses when these limits are exceeded
e) Recognises drought not just as an issue for agriculture, but an issue for regional development.
The Federal government has pledged a new scheme called the Future Drought Fund. The Future Drought Fund aims provide secure, continuous funding for drought resilience initiatives. NSW Farmers will be working with the National Farmers Federation (NFF) to ensure this fund meets the objectives listed above.
The fund begins with an initial credit of $3.9 billion. Earnings will be reinvested until the balance reaches $5 billion (expected in 2028-29). From July 1, 2020, $100 million will be made available each year to support Australian farmers and communities. They will use these funds to prepare for, and become resilient to, the effects of inevitable future drought.
This will make agriculture more productive and profitable and enhance the wellbeing of our farming communities and the sustainability of our farming sector.
More information can be found on the NSW Farmers website www.nswfarmers.org.au, then click on the portal link, to the government Future Drought Fund page.