The government will introduce the Future Drought Fund Bill 2019 to Parliament in 2019, and if passed, it will establish the Future Drought Fund (the Fund). The Fund will provide a secure revenue stream to be used for drought resilience, preparedness and response.
Future Drought Fund
The Fund will begin 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 is expected to be made available annually to invest in important drought resilience projects for Australian farmers and communities.
A Future Drought Fund Consultative Committee will advise the Minister responsible for drought about the Drought Resilience Funding Plan (the 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. Extensive public consultation will inform the Plan, including at least 42 days of public consultations. Once finalised, the Plan will be published on this website.
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.
How to get involved?
Development of the plan will include online public consultation through the department’s “Have Your Say” website. You can register for Have Your Say here.
For more information please contact drought resilience.