Federal Government Announces $36M Extension Of Agribusiness Grant Relief

Bentleys is committed to supporting the agribusiness industry affected by one of the worst droughts in the past 170 years. This includes keeping you informed of relief incentives and government grants that may assist you.

On Wednesday 28 May, the Federal Government announced a $36M investment into Agribusiness drought relief in support of Victorian and South Australian primary producers affected by drought.

The move is an extension of the existing Future Drought Fund Communities Program (FDFCP) initiated by the South Australian government. The Federal Government has been working hand in hand with the SA Government to ensure farmers facing harsh conditions receive the support they need.

The announcement followed the Federal Minister for Agriculture, Fisheries and Forestry Julie Collins’ recent visit to drought-hit South Australia last week.

The Federal Government is also providing an extra $800,000 to Rural Financial Counselling Service providers in SA and Victoria.

The FDFCP aims to improve social outcomes, build leadership, fund community projects and help communities find better ways to collaborate.

The programs will be delivered by the Foundation for Rural and Regional Renewal and the Australian Rural Leadership Foundation. The source of funds is the Future Drought Fund (FDF), set up in 2019 with an initial Federal Government investment of $3.9 billion.

The National Farmer’s Federation has welcomed the extension, however noted that farmers in New South Wales are also doing it tough, with the latest figures showing 23 per cent of the state now drought-affected and implored the government to continue working closely with industry on a national and state level.

While Bentleys welcomes the funding extension, we would also encourage the government to consider what more substantive support can be made to those desperately in need now, and to compensate the long lead times for farm financial recovery despite a break in the drought.

To learn more, visit the Australian Government Department of Agriculture, Fisheries and Forestry page regarding the Future Drought Fund.

To discuss the grants further and check your eligibility and entitlements, or for assistance with your grant application, please contact your Bentleys advisor.

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Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.