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Additional Drought Support Announced

Additional Drought Support Announced

20 June 2018

With almost all of NSW now in mild to severe drought, the NSW State Government announced another $284 million in drought assistance in the 2018/19 budget this week.

The vast majority of the funds will offer interest-free, seven year loans to facilitate sustainable primary production during drought. Called the Drought Assistance Fund, $250 million has been earmarked for new loans of up to $50,000 that will be interest-free with principal to be repaid within seven years.

Funding is to support farmers in implementing systems and management practices during drought by funding:

  • Transport of livestock, fodder and / or water
  • Water and fodder infrastructure
  • Banking of genetic material of stock

There are a number of eligibility criteria to be met including:

  • Owning and operating a farm business in NSW
  • Business is registered with the ATO as a primary producer
  • More than 50% of gross income comes from primary production enterprise
  • Gross off-farm assets don’t exceed $1 million
  • The business is negatively impacted by drought conditions

For full details of the fund click here.

Additional funding for mental health issues exacerbated by drought, Doppler weather stations and kangaroo management was also included in the drought assistance package.

There will also be additional staff dedicated within the Department of Primary Industries to process and streamline Farm Innovation Fund applications.

For more information on the package go to droughthub.nsw.gov.au, raa.nsw.gov.au or speak to your local Boyce accountant.

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