Last week the federal government released its Agricultural Competitiveness White Paper and outlined their plans for the $4 billion investment into the Agricultural sector. Here’s how the numbers break down:
Drought relief measures/ Water infrastructure
- $2.5 billion set aside for repayable drought assistance loans over the next 10 years
- $22.8 million to increase farm household allowance case management for farmers
- $3.3 million to develop more accurate local and seasonal weather forecasts and modelling
- $29.9 million for insurance advice and risk assessment grants
- $35 million for local infrastructure projects to assist drought affected communities
- $25.8 million over four years to manage pests and weeds in drought affected communities
- $50 million allocated for future water studies and infrastructure planning
- $450 million for construction of national water infrastructure in partnership with the States/Territories
- Immediate tax deductions for the cost of new water facilities
- Depreciation of capital on fodder storage assets over 3 years
- Farmers allowed access to farm management deposits without losing tax concessions
For further information on the White Paper and how it could benefit your business go to:
http://agwhitepaper.agriculture.gov.au
