The government will pour $3.9 billion into a new fund to mitigate the devastating impacts of drought, in a major pitch to struggling regional communities that Prime Minister Scott Morrison says is "putting money aside for non-rainy days”.
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| Prime Minister Scott Morrison and Deputy Prime Minister Michael McCormack. |
The Drought Future Fund – to be announced on Friday – will provide grants totalling up to $100 million a year from 2020 onwards by drawing on the investment earnings from the initial capital injection.
The pool is projected to grow to $5 billion within a decade, and will be managed by the Future Fund board of guardians, which is led by former Howard government treasurer Peter Costello.
In a statement ahead of the national drought summit in Canberra on Friday, Mr Morrison said the government would finance key water infrastructure and drought resilience projects as the fund swells into a substantial reserve to deploy during spells of dry weather.
Read the story from The Age by Fergus Hunter - “Morrison government to establish $5 billion future fund for drought resilience.”
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