The Australian Government will shortly begin consultation on a new legislative framework to underpin a national voluntary biodiversity stewardship market, delivering a range of benefits including a new income stream for farmers and biodiversity outcomes for the environment.
The proposed legislation will support:
- new income streams for farmers
- improved biodiversity
- private sector investment in credible biodiversity outcomes.
The proposed legislation framework:
- provides a consistent and credible way to describe and measure biodiversity outcomes
- creates a new form of tradeable personal property
- establishes assurance and compliance systems that ensure biodiversity outcomes are delivered and maintained.
The legislation would ensure that farmers can be recognised for delivering environmental services and provide a means of earning a drought-proof income from less productive areas of farmland.
The proposed legislation will build on the success of the Agriculture Biodiversity Stewardship program.
Government will consult with key stakeholders and representative bodies on the proposed legislation and key elements of scheme design required to create a successful voluntary market. We will then consider next steps once consultation has concluded.