The NSW Government announced more than $350 million of additional drought funding.
But what is all of that money for?
Well, the funding includes $150 million for on-farm Emergency Drought Relief that includes support measures like transport cost rebates for fodder, stock and water and the waiving of annual land rates; $170 million to help regional communities in additional to the rest of the state government's measures that have been in place since before the election.
According to analysis by the Rural Assistance Authority (RAA), an average farmer on a 2,500 Ha property could save $24,431 per year thanks to the package, including:
- ·$3,107 – Local Land Services fees waiver
- ·$560 – Fixed water charges waiver
- ·$5,500 – Farm Innovation Fund interest waiver which already offers concessional interest rates of 2.5% and extended repayment terms of 20 years.
- $6,222 – Drought Assistance Fund interest savings and a loan of $50,000 against a comparable loan rate.
- ·$312 – Wild dog fence and apiary fees waiver; and
- ·$8,730 – Drought Transport Subsidies
All of the funding measures can be found at: https://www.dpi.nsw.gov.au/climate-and-emergencies/droughthub
Image credit: Grant Broadcasters/Jessica Rouse