Agriculture workers and farm owners may be encouraged to hear the Federal Agriculture Minister Barnaby Joyce is attempting to secure an additional $7 billion in funding this year.
This extra support would be used to assist farmers struggling against difficult conditions around the country, Mr Joyce explained in a February 3 media release.
“I know there are many farmers, and their families, who are doing it tough and facing challenging circumstances in many regions across Australia,” he said.
In particular, Mr Joyce highlighted the importance of supporting family owned farms in Australia. Almost 99 per cent of the approximately 134,000 farm businesses in the nation are owned and operated by family units.
“The family farm is a central plank of our national economy and we need to make sure viable farmers have the chance to both prepare for and then survive droughts.”
Because drought can damage crop growth and impact on stock levels, farmers are often expected to work longer and harder hours to meet production demand.
This means that when a farm owner has to find alternative sources of water or feed for stock, they may end up losing a great deal of money as they attempt to cover these additional expenses.
Mr Joyce believes the best way to help these struggling farmers is to provide funding which does not require the farmer to operate in an area where a drought declaration has been assessed.
This allows agricultural business owners who have suffered loss outside of official drought zones to access the necessary support to keep their farm afloat.
Additionally, farmers are encouraged to review their farm and crop insurance to ensure they are financially protected against insurable events.
For more information on comprehensive farm insurance, contact MGA Insurance Brokers today.