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The vast majority of Eastern Australia’s agricultural regions are now in the grips of drought, and as we move through 2019 it looks like we can expect much of the same with further dry conditions predicted.
There is some good news with various drought measures recently announced to assist farmers impacted by the drought.
We’ve developed a summary of some of the most common rural and drought assistance packages that may be available to you.
Drought Transport Subsidy – NSW Rural Assistance Authority
A subsidy of up to $25,000 backdated to 1 July 2018 for freight of fodder, agistment, water and stock to sale as a consequence of drought.
Payment is made upon receipt of eligible tax invoices. The application is very straightforward and is administered by the NSW Rural Assistance Authority.
Drought Loans - Regional Investment Corporation
Drought loans of up to $1 million with an initial 5-year interest only period charged at a concessional interest rate of 3.58%.
The purpose of the loan is to fund drought related activities, refinance part of your debt, enhance productivity and pay for operating expenses or capital.
Farm businesses must be in need of financial assistance and have sound prospects of long-term financial viability.
Farm Household Allowance – Department of Human Services
Lump sum payments of up to $12,000 are being made under the Farm Household Allowance program administered by Department of Human Services.
This will be made up of two lump-sum payments of up to $6,000 paid in September and March. In the first instance contact your local Rural Financial Counselling Service on 1800 686 175 to determine your initial eligibility.
If you have any questions or require further information, please contact your closest RSM Office.