The government introduced the Future Drought Fund Bill 2018 to Parliament on 28 November 2018, and if passed, it will establish the Future Drought Fund to provide a secure revenue stream to be used for drought resilience, preparedness and response.
Future Drought Fund
The Fund begins with an initial credit of $3.9 billion and earnings will be reinvested until the balance reaches $5 billion (expected in 2028-29). From 2020-21, $100 million will be made available annually to invest in important drought resilience projects for Australian farmers and communities.
If the Bill passes, the government will establish a Future Drought Fund Consultative Committee to advise the Agriculture Minister about the Drought Resilience Funding Plan – a rolling four-year high level framework to ensure a coherent and consistent approach is undertaken when considering and investing in drought resilience projects. The Plan will have regard to related drought policies and strategies, including the National Drought Agreement. The draft Plan will be informed through extensive public consultation, including at least 42 days of public submissions, and once finalised, will be published on this website later in 2019.
What projects will be supported?
Through grants or other arrangements, the Fund is intended to support a wide range of drought resilience measures that benefit all Australians. This includes investment in research and innovation, research extension, the adoption of new technology, improved environmental and natural resource management, infrastructure and community initiatives. This investment will help lift the productivity and profitability of the agriculture sector and enhance the health and sustainability of our farming landscapes.
For more information please contact drought resilience