Review of part 3 of the Future Drought Fund Act : inquiry report / Productivity Commission

"Farmers and regional communities in Australia have always battled climate extremes, such as droughts,floods and bushfires. Managing these climate risks is an inescapable part of life and farmers and regional communities have demonstrated their ability to adapt. However, climate change will intensify pressures through more frequent and intense drought and climate conditions, which are likely to challenge even the most prepared farmers and communities. Over time, governments have shifted their approach to supporting farmers and communities in regions vulnerable to drought. Governments generally no longer see drought as a natural disaster or an exceptional event. Drought is recognised as a business risk, which farmers themselves are best placed to manage. Government programs now focus more on supporting farmers and communities to prepare for, manage and recover from drought. Announced in 2018, the Future Drought Fund (FDF) embodies this shift to supporting greater self-reliance and preparedness. The FDF's aim is to 'enhance the public good by building drought resilience in the agricultural sector ... The Productivity Commission has been tasked with assessing the effectiveness of aspects of the FDF such as the Funding Plan, programs, arrangements and grants established by the Fund (Part 3 of the Future Drought Fund Act 2019 (Cth)). This inquiry is intended to inform the development of the next four-year Drought Resilience Funding Plan (consistent with section 32A of the Act)."--Pages 3-6.