Labor govt to invest $520m into Future Drought Fund
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The news: The Albanese government has announced it will invest $519.1 million into the Future Drought Fund, which was established by the Morrison government, and add acknowledgement of climate change as a driver of severe drought.
The numbers: The new program will start on 1 July 2024 and 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;
- $120.3 million for programs that trial innovative solutions to build long-term resilience to drought and climate risks; and
- 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 context: The government said farmers were on the frontline of climate change and this fund would provide better tools for them to mitigate the impact of drought, as well as strategies for local communities to prepare for and manage drought risks and increased investment in the existing network of drought hubs.
What they said: Prime Minister Anthony Albanese said: “By doing the work now our rural and regional communities are not just reacting to events as they unfold, but will have considered plans to make them more resilient to climate change”.
Agriculture minister Murray Watt said: “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”.
“Our commitment of nearly $520 million from the Future Drought Fund supports farmers and farming communities to take steps ahead of time,” Watt said.
“This not only empowers farmers and communities but makes them more self-reliant when drought hits.”
The source: PMO media release
