Drought is an enduring feature of the Australian landscape. It has significant economic, social and environmental impacts.
The $5 billion Future Drought Fund provides secure, continuous funding for drought resilience initiatives. It will help Australian farms and communities prepare for the impacts of drought.
Future Drought Fund Programs
On the 1st of July 2020, we launched 8 foundation programs designed to build resilience to future droughts.
Programs are being delivered in accordance with the principles outlined in the Future Drought Fund’s 2020-24 Drought Resilience Funding Plan, including as far as practicable, a requirement of co-investment to maximise program outcomes.
Program funding is allocated until 2024.
Driving adoption of new drought resilient technologies and practices. $121.06 million to 2023-24.
Better risk management
Helping farmers and regional bodies plan for drought. $116.82 million to 2023-24.
Better climate information
Making climate information accessible and useful. $25 million to 2023-24.
More resilient communities
Building social capital to drive change and support resilient communities. $19.2 million to 2023-24.
Better land management
Trial and adoption of land management practices that support landscape resilience - $36.42 million to 2023-24.
How the Fund works
The Fund began with an initial credit of $3.9 billion. Earnings are reinvested until the balance reaches $5 billion (expected in 2028-29). See the details about Future Fund investments.
From July 2020, $100 million will be made available each year from the Fund to support Australian farmers and communities to prepare for and become more resilient to the effects of future drought. This will:
- make agriculture more productive and profitable
- enhance the wellbeing of our farming communities
- improve the sustainability and resilience of the natural resources on which agriculture depends.
Drought Resilience Funding Plan
The Drought Resilience Funding Plan is a high-level framework to guide funding decisions for the programs.
The Funding Plan aligns with existing drought policies and strategies, including the National Drought Agreement.
We consulted on the draft Drought Resilience Funding Plan from 29 October to 13 December 2019. We held 73 face-to-face discussions in 23 locations around Australia. Participants also completed an online survey and uploaded written submissions.
The independent Future Drought Fund Consultative Committee comprises experts in fields that include agricultural economics, climate risk, rural and regional development and natural resource management.
The Committee provided expert advice to the Minister for Agriculture and Northern Australia on the Drought Resilience Funding Plan 2020 to 2024.
The Committee also provided expert advice to the Minister for Agriculture and Northern Australia on the consistency of the design of the programs with the Funding Plan.
Regional Investment Corporation Board
The Regional Investment Corporation Board provides advice to the Minister of Agriculture and Northern Australia, on whether or not a proposed arrangement, grant or agreement is consistent with the Funding Plan.
The Funding Plan will be reviewed every four years. This will ensure it captures emerging priorities and remains future-focused. The Productivity Commission will assess the effectiveness of each Funding Plan before it expires, in a report that will be tabled in Parliament.
The Monitoring, Evaluation and Learning Framework will support the measurement and achievements of Future Drought Fund programs over time.
- Subscribe for updates on Future Drought Fund developments through our ‘Have Your Say’ page—choose the ‘Stay informed’ button to receive regular email updates from us
- Read the latest department media releases
- Read the latest media releases from the Minister for Agriculture and Northern Australia
We’d love to hear from you, email email@example.com.
Download the factsheet
Department of Agriculture, Water and the Environment, May 2021
|Future Drought Fund: Forging a path towards drought resilience PDF||2||276 KB|
|Future Drought Fund: Forging a path towards drought resilience DOCX||2||832 KB|
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The Drought Resilience Funding Plan was tabled in Parliament on 12 February 2020 as a disallowable instrument.
Read the Drought Resilience Funding Plan.