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March 30, 2016

Farm businesses can better prepare for the perils of drought, frost, hail and fire, with the Coalition Government announcing the introduction of the Managing Farm Risk Program.

Federal Member for Gippsland Darren Chester said the program would provide one-off rebates up to $2500 in dollar-for-dollar funding to cover the costs incurred by an eligible farm business securing, or attempting to secure, agricultural insurance.

“The Government is encouraging farmers to look at ways they can insure their business for adverse conditions, which helps to build the resilience of our agriculture industry against drought,” Mr Chester said.

“This rebate is a product many farmers have been calling for, and was a key announcement from the Coalition Government’s $4 billion Agricultural Competitiveness White Paper.

“Agricultural insurance policies are not ‘one-size-fits-all’. However, while it may not be suitable for all farm businesses, this incentive has great potential to assist farmers safeguard their business and provide a sense of financial security.”

Deputy Prime Minister, Barnaby Joyce, said the Coalition Government recognised the potential for insurance to help farmers reduce the financial risks caused by drought and events beyond their control.

“Farmers are encouraged to consider their insurance options, such as single or multi-peril insurance,” Minister Joyce said.

“By encouraging farmers to prepare their business for adverse conditions through the use of insurance, the Coalition Government is helping to build the resilience of the agricultural sector against drought.”

Rebates will be available nationally to eligible farm businesses; more details at www.agriculture.gov.au/mfrp.

CAPTION: Nationals Member for Gippsland Darren Chester has welcomed moves by the Australian Government to help farmers obtain insurance to protect against losses incurred due to drought and events beyond their control.