The Minns Labor Government is investing in the readiness and resilience of the states agriculture industry, with the creation of a $250 million Drought Ready and Resilient Fund (DRRF).
This Fund will allow eligible primary producers to apply for low interest loans of up to $250,000 to fund a broad range of operational products, activities and services to prepare and respond to the impacts of drought.
According to research by the NSW Rural Assistance Authority, these loans, which can be paid off over five or ten years, are estimated to save farmers on average $40,000 over a five year loan, when compared to other similar loans.
Premier, Chris Minns said: “We know that NSW does not thrive unless our regions and agricultural industries thrive. This is a significant investment which demonstrates our commitment to the resilience of farmers across our state, particularly as they enter drier and warmer weather conditions.”
Importantly, for the first time. the DRRF will allow farmers to access loans for other core activies like the purchasing of fodder and transport of livestock to protect their welfare, not just capital investments.
For those in regions not yet experiencing drier conditions, the DRRF also incentivises participation in the vital planning and preparedness phase of drought management and climate variability mitigation, improving response and recovery outcomes for farming businesses.
Unlike previous funds which are designed to support capital investment, DRRF can be used for essential items such as:
• Purchasing fodder
• Feeding equipment
• Stock transportation costs
• Veterinary and professional nutrition and welfare advice
• Fencing for rotational grazing
• Exclusion and cluster fencing
• Construction of containment feeding pens
• Stock shade structures
• Planting of trees
• Stock and domestic water
Applications are welcome now for the Drought Infrastructure Fund, and for the Drought Ready and Resilient Fund applications are open from 1 December 2023. Information at www.raa.nsw.gov.au.
NSW DroughtHub, www.droughthub.nsw.gov.au, the one-stop online destination for information on a vast range of services and support available to primary producers, their families and communities.