Drought stricken farmers and communities in Gippsland will benefit from the Federal Government’s Future Drought Fund passing Parliament this week.
Federal Member for Gippsland Darren Chester said the $5 billion fund will deliver $100 million a year in perpetuity for drought resilience and preparedness from 1 July 2020.
“The fund will provide a secure revenue stream to be used for drought resilience, preparedness and recovery to help farmers and communities prepare for inevitable future droughts,” Mr Chester said.
“The fund will begin with an initial credit of $3.9 billion with earnings to be reinvested until the balance reaches $5 billion expected in 2028-29.
“We promised to do this to support our farmers and we’re delivering.”
Mr Chester said the drought was having a huge impact on communities across Gippsland.
“The drought is far from over and it will take years to recover. Farmers are running out of water for their stock and many are still paying to feed their stock,” Mr Chester said.
The government will develop and publish the Drought Resilience Funding Plan, a rolling four-year high level framework – to ensure a coherent and consistent approach is undertaken when considering and providing funding for drought resilience projects.
Development of the Funding Plan will include online public consultation through the department’s “Have Your Say” website. You can register to “Have Your Say” and be notified with updates about the fund by visiting https://haveyoursay.agriculture.gov.au/register