THE federal government has spent half a billion dollars supporting drought-stricken farmers, Agriculture Minister Barnaby Joyce says.
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Last week, Senator Joyce said the government had overseen record prices for cattle, sheep, and wool, finalised three free trade agreements, and established new markets for a range of commodities from live cattle to tropical fruits, but more needed to be done to battle drought.
"The Coalition government has provided an estimated $501.51 million in assistance and support to farmers and farm businesses in drought since it was elected in September 2013," he said.
"When we came to government there was no drought policy. We have made it a priority and will continue to deliver."
Mr Joyce said the the government's three concessional loan schemes offered various forms of assistance for those farmers in need, including income assistance, social and community support funding, additional rural financial counsellors, pest management funding, water infrastructure rebates and infrastructure assistance for local governments.
"Across the concessional loans schemes, so far 598 farm businesses have been approved for loans with a total value of more than $313 million."
"The Drought and Drought Recovery Concessional Loans ensure that finance at low interest rates is available to farm businesses that can withstand drought and become productive again once they have a chance to get on their feet."
Up to $250 million will be available for drought concessional loans in the new financial year.
These loans assist farmers via concessional interest rates and also apply competitive pressure to the interest rates of commercial banks.
For more information about the drought and rural assistance measures available to farmers visit agriculture.gov.au/assistance.