$15 million drought deal for farmers
A $15M top up in drought funding was approved by the Australian Government today in a bid to support more struggling Queensland farmers rebuilding their stocks and herds.
Acting Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, today announced a further $10 million in Drought Concessional Loans and $5 million for Drought Recovery Concessional Loans for Queensland.
This is in addition to the $60 million already allocated since the beginning of 2015-16.
"Drought is one of the most significant challenges our farmers face, and the Coalition Government is committed to delivering practical support when and where it's needed most," Minister Joyce said.
Federal Member for Flynn Mr Ken O'Dowd, who was joined by the Acting Prime Minister to make the announcement, said the loans would provide farm businesses with lower interest rates to enable them to restructure existing debt.
"There has been modest recovery in parts the state, following some good off-season rainfall, with records showing close to average rainfall for the past 24 consecutive months across my electorate," Mr O'Dowd said.
"There are large parts of south central Queensland that will take this as an opportunity to rebuild and re-stock local herds.