This Fund will allow eligible primary producers to apply for low interest loans of up to $250,000 to fund a broad range of operational products, activities and services to prepare and respond to the impacts of drought.

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According to research by the NSW Rural Assistance Authority, these loans, which can be paid off over five or ten years, are estimated to save farmers on average $40,000 over a five year loan, when compared to other similar loans.

The DRRF will allow farmers to access loans for other core activities like the purchasing of fodder and transport of livestock to protect their welfare, not just capital investments.

The DRRF can be used for essential items such as purchasing fodder, feeding equipment,
stock transportation costs, veterinary and professional nutrition and welfare advice, fencing for rotational grazing, exclusion and cluster fencing, construction of containment feeding pens, stock shade structures, planting of trees and stock and domestic water (Including its transportation).

“We know that NSW does not thrive unless our regions and agricultural industries thrive,” Premier Chris Minns said.

“This is a significant investment which demonstrates our commitment to the resilience of farmers across our state, particularly as they enter drier and warmer weather conditions.

“We know disaster preparedness is more important than ever before.

“This is a commonsense initiative that allows farmers to get ahead of the dry season and protect their livelihoods.”

The state’s peak body for farmers has applauded the Minns Government’s announcement.

NSW Farmers President Xavier Martin said the clarity the government has provided early in the drying cycle will help farmers with making their business decisions.

“These loans, announced before drought hits hard, help farmers to make proactive decisions.

“Farmers are always subject to climate variability, and having faced significant drought and disaster impacts in recent years, know that having a plan and some certainty as to how best to prepare for adverse conditions is critical,” Mr Martin said.

NSW Farmers is also pleased to see an invigorated focus on the Farm Innovation Fund with the $120 million balance being reallocated as the Drought Infrastructure Fund.

The Drought Infrastructure Fund, designed to promote capital investment in on-farm infrastructure that assists farmers in transitioning their farms to become more resilient, productive and sustainable, is also offering loans of up to $1 million, at a low interest rate of 2.5 percent.

“This will aid the grain sector to increase on farm storage, and also potentially support the horticulture sector to expand their critical water infrastructure and storage needs,” Mr Martin said.

Applications are welcome now for the Drought Infrastructure Fund, and for the Drought Ready and Resilient Fund applications are open from 1 December 2023.

Information at www.raa.nsw.gov.au.

The NSW DroughtHub, available at www.droughthub.nsw.gov.au, is the one-stop online destination for information on a vast range of services and support available to primary producers, their families and communities.