Australian authorities offering drought relief to farmers

For many farmers across Australian, drought mitigation strategies are top-of-mind, as the many parts of the country face one of the worst water shortages in modern times.

Using state-of-the-art irrigation systems and planting crops that aren't as water-dependent as others are fine tactics, but they don't eliminate the larger problem.

According to the Australian Bureau of Meteorology, three-month rainfall between February and April was sub-optimal for the Northern Territory, Queensland, the northern and central parts of South Australia and along Western Australia's eastern border.

While farm insurance can offer protection in some cases, there are policy limitations. This and other considerations has led the Australian government to take action.

Feds provide assistance

A May 9, 2015, announcement from the Prime Minister's office stated that the Commonwealth will distribute aid to rural communities contending with severe drought. Assistance will come from a newly developed $333 million relief package.

As far as the fiscal details are concerned, the plan will be broken down in the following manner:

• $250 million for drought concessional loans across Australia for the 2015-16 season.
• $35 million to support local infrastructure development initiatives, and provided to projects that ultimately stimulate local economies.
• $25.8 million for endeavours designed to handle pest animals and weeds in areas impacted by the drought.
• $20 million to help social and community support programmes grow their operations.
• $1.8 million to assist rural financial counsellors in regions contending with severe drought.

Applying before the deadline

To ensure money can be distributed in a timely manner, many state governments are imposing application deadlines. A June 20, 2015, statement by Western Australia Agriculture and Food Minister Ken Baston implored farms across the state to apply for concessional loans before the deadline, which is June 30.

"I remind farm business owners and operators who are interested in applying not to self-assess their eligibility, but make the free phone call to assessors," said Mr Baston.

In general, covering all facets of a farm is crucial during a time of drought. Farmers should speak with their insurance providers to help them prepare for any disasters or risks associated with an extreme lack of water.