Nationwide income protection for farmers

New South Wales (NSW) Minister for Agriculture Adam Marshall has urged primary producers to share their crucial insights and thoughts, as work continues to establish a nation-wide income protection scheme in partnership with the National Farmers Federation (NFF), to safeguard farmers from the financial impacts of future droughts.

Marshall said the NSW Government had committed $2 million to kick-start the process in the hopes of finding a scheme that benefits farmers for years to come.

“While we’re still dealing with the worst drought on record and we will continue to support our farmers through these testing times, it’s crucial we work towards future-proofing the agriculture sector against inevitable dry periods down the track,” he said.

A tailor-made survey will be distributed to farmers across the country shortly, providing them with an opportunity to share their thoughts and experiences on products currently available and opportunities for improvement.

NFF President Fiona Simson said feedback would provide a better understanding of what financial products would be needed to cover the risks such as drought and natural disasters.

“Farmers are central to the success of this endeavour and I encourage all farmers with an interest in or experience with risk management tools to get involved in this project,” Simson said.

“We firmly believe that collaboration on this project will produce an outcome with lasting, material benefits for farmers across the country.”

“We’re now asking for direct feedback from farmers so we have the critical, on-the-ground information we need to understand how a scheme like this might work,” Marshall said.

“While this is a national scheme I’m keen to see as many farmers from NSW engage in the process as possible to ensure any potential scheme works effectively for our State’s primary producers,” he concluded.

For more information or to get involved in the project visit the NFF website.