Additional drought funding announced


22-Aug-2018

Additional drought funding announced

 

The Federal Government has announced a second round of drought measures to support farmers. The assistance was announced near Forbes and includes new tax breaks, low-interest loans, water security and simplifying the application form for the Farm Household Allowance (FHA).

Additional support will include immediate depreciation of fodder storage assets over one year instead of three and increasing Regional Investment Corporation low interest loans from $1m to $2m and $23.7m to improve drought resilience in the Great Artesian Basin.

These changes will make it easier for farmers to stockpile fodder as well as invest in new equipment such as storage tanks, silos, bins and hay sheds totalling $75 million over four years. The amount available for farmers to borrow in low interest loans will also be increased from $250 million to $500 million. Pictured is Prime Minister Malcolm Turnbull, Member for Parkes Mark Coulton and Deputy Prime Minister Michael McCormack.

Contact the Rural Financial Counselling Service on 1800 686 175 to find out about government and other assistance schemes available or visit http://www.agriculture.gov.au/ag-farm-food/drought for more information.

 

 

 


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