Farming groups will use the Prime Minister’s Drought Summit to push for tax incentives to encourage farmers to insure themselves for drought.
Multi-peril crop insurance is widely used overseas, and pays farmers out when natural disasters wipe out crops.
Farmers here have been reluctant to use the products because of their complexity and the perception they cost too much.
But with the right incentives in place, farming organisations say the next time drought hits, insured farmers will be much less reliant on government support.
Publication: AM – ABC Radio National
Date: 25 October 2018
By Clint Jasper