Dry times have prompted the Baird Government in NSW to unveil a $300 million drought assistance and resilience package for farmers.

The NSW Drought Package was launched in today by Premier Mike Baird, Deputy Premier Troy Grant, Minister for Primary Industries Katrina Hodgkinson and Member for Tamworth Kevin Anderson.

The fund will extend the popular Farm Innovation Fund and provide extra short-term emergency support for primary producers hit hard by drought.

Funds obtained for Farm Innovation are often spent on improve water storage infrastructure, making it good news for industry suppliers across regional NSW.

The Deputy Premier said the package would bring about a better system of drought support, including $250 million worth of low interest loans for the Farm Innovation Fund.

Ms Hodgkinson said the initiative “will include $45 million over five years in scholarships for farmers to undertake vocational training and farm business planning to prepare for future droughts.”

The NSW Drought Package consists of:

$250 million in low interest loans over five years to continue the Farm Innovation Fund

$45 million over five years in scholarships for farmers to undertake vocational training and improve farm business planning.

$5 million over five years to provide transport assistance for animal welfare and donated fodder within NSW.

$2.5 million for an enhanced network of Bureau of Meteorology weather stations across NSW

A pledge to work with the Commonwealth Government and farming communities to develop a commercial multi-peril insurance product

More investment in research and development through the Department of Primary Industries for the cropping sector.