Future Drought Fund

Last updated

Future Drought Fund
Agency overview
Formed1 September 2019
TypeGovernment investment fund
Jurisdiction Government of Australia
Annual budgetA$5 billion (2023)
Parent department Department of Finance
Key document
  • Future Drought Fund Act 2019

The Future Drought Fund (FDF) is a fund established in Australia by the Morrison government. [1] It is managed by the Future Fund, with interest generated going to medical research. In 2023, the FDF had a capitalisation of A$5,000,000,000. [2]

Contents

Purpose

The purpose of the fund is to prepare farmers, agribusinesses and rural communities for drought, in order to adapt to climate change. [3]

Establishment

The fund was established on 1 September 2019. [4] It was formed from the Building Australia Fund, which had sat dormant since 2014/2015. [5] Labor had criticized the policy originally, suggesting it was "stealing" money away from infrastructure. [1]

See also

References

  1. 1 2 Sullivan, Kath (13 February 2019). "Opposition won't back PM's Future Drought Fund". ABC News. Archived from the original on 23 February 2019. Retrieved 2 May 2025.
  2. ↑ Chan, Gabrielle (26 September 2023). "Drought funding should focus on programs with 'lasting public benefit', review finds". The Guardian. ISSN   0261-3077. Archived from the original on 4 October 2023. Retrieved 2 May 2025.
  3. ↑ Caggiati, Bree (24 September 2024). "Australian government reveals next stage of Future Drought Fund". Produce Plus. Archived from the original on 24 September 2024. Retrieved 2 May 2025.
  4. ↑ "Our funds". Future Fund. 19 December 2024. Archived from the original on 10 February 2025. Retrieved 2 May 2025.
  5. ↑ Iggulden, Tom (22 July 2019). "Scott Morrison's Future Drought Fund on the way from 2020". ABC News. Archived from the original on 25 July 2019. Retrieved 2 May 2025.
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