20Simplified outline of this Part

20 Simplified outline of this Part

• On or after 1 July 2020, the Drought Minister may, on behalf of the Commonwealth:

(a) make an arrangement with a person or body in relation to drought resilience; and

(b) make a grant to a person or body in relation to drought resilience.

• Before making an arrangement or a grant, the Drought Minister must request advice from the Regional Investment Corporation Board.

• The Drought Minister must determine a Drought Resilience Funding Plan for ensuring that a coherent and consistent approach is adopted in:

(a) making arrangements or grants; and

(b) entering into agreements setting out the terms and conditions of grants.

• This Part establishes the Agriculture Future Drought Resilience Special Account.

• During the financial year beginning on 1 July 2020, and during each subsequent financial year, $100 million will be transferred from the Future Drought Fund Special Account to the Agriculture Future Drought Resilience Special Account.

• The purposes of the Agriculture Future Drought Resilience Special Account are as follows:

(a) to pay amounts payable by the Commonwealth under arrangements relating to drought resilience;

(b) to make grants relating to drought resilience;

(c) to transfer amounts to the Federation Reform Fund for the purposes of making grants to the States and Territories in relation to drought resilience.

• This Part establishes the Future Drought Fund Consultative Committee.