Future Drought Fund will focus on better preparing areas at risk of drought
THERE will soon be a $5 billion fund to help shield farmers and regional communities from the debilitating effects of drought. Scott Morrison will announce the federal fund to “put money away for non-rain days” at a national summit today.
NSW
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THERE will soon be a $5 billion fund to help shield farmers and regional communities from the debilitating effects of drought.
Prime Minister Scott Morrison will announce the federal Future Drought Fund to put “money aside for non-rainy days” at a national summit today that will focus on better preparing areas at risk of extended dry spells.
Initially there will be $3.9 billion put into the fund, which will grow to $5 billion in 2028.
Mr Morrison said the earnings from the fund will be used to fund water infrastructure and drought resilience projects.
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The balance will be “ploughed back” into the fund so it grows to $5 billion over the next decade.
From 2020 about $100 million each year will be available, with the cash used to help farmers and community groups prepare for and respond to the impact of drought through a range of services, research, new technology and infrastructure.
Mr Morrison said the fund made good on the government’s three-phase plans for drought challenges: relief, recovery and long-term resilience. The Prime Minister said that within days of taking the top job he went to visit farmers who had been dealing with the drought for six years.
“Despite the most trying of circumstances, it was the strength, resilience and hope of the families that struck me most. It was palpable,” he said.
“Our response to the drought has to be the same. Deal with the here and now, but also make sure we plan for the future.
“This funding will support farmers and their local communities when it’s not raining. It guarantees drought support for the men and women who drive our nation. The challenges of drought vary from farm to farm, district to district, town to town and we continually need to adapt and build capacity — the Future Drought Fund gives us this opportunity.”
The criteria for projects available for funding have not been finalised and will be discussed at today’s summit to ensure they respond to real needs. All federal and state leaders will be asked to consider a new national drought agreement by the end of the year, which will underpin a Commonwealth Strategy for Drought.