- The Coalition Government has announced a second round of drought measures to support farmers
- Includes immediate depreciation of fodder storage assets over one year instead of three, increasing RIC low interest loans from $1m to $2m and $23.7m to improve drought resilience in the Great Artesian Basin
- These new measures bring the total drought support to $1.8 billion
Farmers across the Parkes electorate will have access to a second round of direct assistance and concessional loans to help overcome the drought, taking the total Coalition Government assistance to $1.8 billion.
The assistance was announced near Forbes in Central West New South Wales on Sunday and includes new tax breaks, low-interest loans, water security in the Great Artesian Basin and simplifying the application form for the Farm Household Allowance (FHA).
Member for Parkes, Mark Coulton, said the assistance is practical and will be welcomed by farmers in his electorate.
“Farmers will be able to immediately deduct the cost of fodder storage assets, rather than depreciate over three years,” Mr Coulton said.
“These changes will make it easier for farmers to invest in and stockpile fodder including storage tanks, silos, bins and hay sheds totalling $75 million over four years. This is important infrastructure for drought preparedness.
“Furthermore, the amount of money a farmer can borrow in a concessional loan from the Regional Investment Corporation is being doubled from $1 million to $2 million.”
Mr Coulton said the assistance measures include cost-saving support for farmers.
“These low interest loans refinanced from a commercial rate loan could save a farmer tens of thousands of dollars. The amount available for farmers to borrow in low interest loans will also be increased from $250 million to $500 million.
“A special drought round under the National Water Infrastructure Development Fund will deliver $72 million for water infrastructure in drought-affected areas.
“$2.7 million has been delivered to ensure farmers can make better weather predictions in their local area. This is a significant tool to help farmers prepare their business for the ups and downs.”
The government is also delivering $23.7 million to improve drought resilience in the Great Artesian Basin.
Last month, the Coalition announced $190 million in measures including an FHA boost payment of $12,000 per couple, bringing this year’s assistance to $37,000, and a $7200 boost for singles, bringing this year’s assistance to $22,000.
Media Contact: Mark Coulton – Anna Tickle – 0400 050 729