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Its About People: Changing Perspectives on Dryness, A Report to Government by an Expert Social Panel
Intergovernmental Agreement on National Drought Program Reform
Drought is an enduring feature of the Australian landscape and it has significant economic, social and environmental impacts. The Parliament passed theFuture Drought Fund Act 2019on 24 July 2019 which establishes the Future Drought Fund (the Fund). The Fund will provide a secure and continuous revenue stream to support initiatives that enhance the drought resilience of Australian farms and communities by becoming more prepared to respond to the impacts of drought. Healthy farming landscapes with innovative farming techniques will contribute to building drought resilience and a sustainable agriculture sector.
The Fund begins with an initial credit of $3.9 billion with earnings to be reinvested until the balance reaches $5 billion (expected in 2028-29). From 1 July 2020, $100million will be made available annually to support Australian farmers and communities to become more prepared for, and resilient to, the effects of drought.
The government will develop and publish the Drought Resilience Funding Plan (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. The draft Funding Plan will be informed by independent expert advice from theFuture Drought Fund Consultative Committee(the Committee). The Committee consists of a diverse range of experts in fields such as agricultural economics, climate risk, rural and regional development and natural resource management. The Funding Plan will also be informed through public consultation over a period of at least 42 days. The Funding Plan will have regard to related drought policies and strategies, including theNational Drought Agreement. The Plan is a disallowable instrument and once finalised will be published on this website. The Regional Investment Corporation Board will provide advice, consistent with the Funding Plan, to the Minister for Drought regarding whether to make an arrangement or grant, or enter into an agreement to support a drought resilience project.
The Funding Plan will be reviewed every four years to ensure emerging priorities are appropriately captured and the Fund remains future-focused. To help inform these reviews, the Productivity Commission will conduct an assessment of each Funding Plan before it expires, including having regard to the economic, social and environmental outcomes. The Productivity Commission will make recommendations and the report will be tabled in the Parliament.
The Funding Plan will inform the design of the programs and the Committee will provide advice to the Minister for Drought on whether the proposed design of the programs is consistent with the Funding Plan.
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 Australias farming landscapes.
Development of the Funding Plan will include online public consultation through the departments Have Your Say website. You can register forHave Your Say hereto be notified with updates about the Fund.
For more information please contactdrought resilience.
Funds for drought resilience to flow – Mathias Cormann, Minister for Finance, Bridget McKenzie, Minister for Agriculture and David Littleproud, Minister for Water Resources, Drought, Rural Finance, Natural Disaster and Emergency Management
Victory for farmers as Future Drought Fund passes House of Representatives
Re-introducing the Future Drought Fund – Mathias Cormann, Minister for Finance and David Littleproud, Minister for Water Resources, Drought, Rural Finance, Natural Disaster and Emergency Management
Littleproud to Labor Get on board David Littleproud, the then Minister for Agriculture and Water Resources
$5 billion Future Drought Fund David Littleproud, the then Minister for Agriculture and Water Resources
Backing our farmers and their communities Scott Morrison, Prime Minister
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We acknowledge the Traditional Owners of country throughout Australia and recognise their continuing connection to land, waters and culture. We pay our respects to their Elders past, present and emerging.