Senate debates

Wednesday, 24 July 2019

Bills

Future Drought Fund Bill 2019, Future Drought Fund (Consequential Amendments) Bill 2019; In Committee

12:33 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

That's a very good question. No, there is no time limit, but obviously I would expect that after the fund has been in place for a period there will be a review into its effectiveness and further judgements can be made about the future at that point. This capital fund will start with $3.9 billion invested. It is expected, based on the investment mandate that the Treasurer and I will issue, that the capital in the fund will grow to $5 billion within the decade, while at the same time disbursing an additional $100 million every year from 1 July 2020 to fund investment in projects to help drought-proof and improve the drought resilience and preparedness of rural and regional communities.

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