Ag Industry, Aussie Farms, Farming, Policy

Government invests in Future Drought Fund

The federal government has invested $519 million to help farmers and regional communities prepare for the next drought and build climate resilience

Aiming to help farmers mitigate the impacts of drought, $519.1 million will be invested into the Future Drought Fund over the next eight years, the federal government has announced.

Agriculture minister Murray Watt says that following recommendations from a recent Productivity Commission Inquiry and consultations with stakeholders, the fund be restructured to get better results for farming families and communities.

It will provide better tools for farmers to lean on, more strategies for local communities to prepare for and manage risks through drought and will increase investment in Australia’s existing network of drought hubs.

“We’re helping farmers across the country develop business plans to manage diversification in a changing climate, we’re helping regional communities manage drought and other climate risks, and helping individuals get leadership training and mentoring,” Watt says.

The funding commitment includes:

  • $235 million to extend the Drought Resilience Adoption and Innovation Hubs, the Future Drought Fund Communities program and the next phase of the Regional Drought Resilience Planning Program.
  • $137.4 million to extend and improve the existing Farm Business Resilience and Climate Services for Agriculture programs, and the new Scaling Success Program. The Farm Business Resilience program has already helped thousands of farmers with business planning, coaching and financial literacy training.
  • $120.3 million for programs that trial innovative solutions to build long-term resilience to drought and climate risks.
  • Expansion of the Long-Term Trials Program, roll out of the revised Resilient Landscapes Program, and implementation of a new Innovation Challenges Pilot to drive the uptake of evidence-based, innovative practices, approaches and technologies.

The programs became available from 1 July 2024.

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