David Littleproud (Maranoa, National Party, Minister for Water Resources, Drought, Rural Finance, Natural Disaster and Emergency Management) Share this | Hansard source

They are hungry and hopefully we're going to get them home very soon. Can I thank all the members who have contributed to the debate on the Future Drought Fund Bill. These bills will secure ongoing funding for drought-resilience projects for the establishment of a Future Drought Fund. The Future Drought Fund will be managed by the Future Drought Fund (Consequential Amendments) Bill 2019. These bills will secure ongoing funding for drought-resilience projects with the establishment of the Future Drought Fund. The Future Drought Fund will be managed by the Future Drought Board of Guardians who currently manage six other investment funds on behalf of the Commonwealth and have a proven and strong reputation for brilliantly investing money. The government is providing a significant up-front investment of $3.9 billion, which is expected to grow to around $5 billion over the next decade, while at the same time making annual distributions of $100 million from 2020 to 2021.

The annual $100 million disbursement from the Future Drought Fund will fund projects aimed at strengthening the resilience of Australian farmers and farming communities to the impacts of drought. Through grants or other funding arrangements, the Future Drought Fund will support a wide range of drought-resilience measurements, measures that benefit all Australians, such as supporting infrastructure, research and innovation; the adoption of new technology; improved environmental and natural resource management; and farm and community support initiatives.

The Future Drought Fund demonstrates the government's long-term commitment to build drought resilience, including preparedness and recovery across Australia. Transferring the balance of the Building Australia Fund to the Future Drought Fund will have no impact on the funding of the National Disability Insurance Scheme. Thanks to the government's prudent economic and fiscal management, we have fully funded the National Disability Insurance Scheme without utilising the uncommitted funds currently in the Building Australia Fund. We have also committed more than $100 billion over the next 10 years to new and upgraded transport infrastructure projects across Australia, $47 billion of which is planned to be invested over the forward estimates. This means that uncommitted funds in the Building Australia Fund will now be used to enhance future drought resilience preparedness and response across Australia. I once again thank all members for their contribution and I commend the bill to the House.

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