The Albanese Government says a $519.1 million boost for the Future Drought Fund will help the nation face escalating threats.

A funding announcement was made by Prime Minister Anthony Albanese and Agriculture Minister Murray Watt at the Beef 2024 event in Rockhampton - the largest beef industry event in the southern hemisphere.

Recognising climate change as a contributing factor to the increasing severity and frequency of droughts, the government says its new funding should address immediate agricultural challenges but also fortify the sector against future shifts.

The Future Drought Fund will start rolling out programs from July 1, 2024, including;

  • $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 response from the farming community has been mixed. While many appreciate the government's approach, others have expressed concerns over the accessibility of the funds and the slow bureaucratic processes involved. 

Agriculture Minister Watt has noted the urgency of drought preparations, saying that “every day that a farmer wakes up is a day closer to drought”.