Deputy Prime Minister and Minister for Agriculture and Water Resources Barnaby Joyce recently announced the introduction of the Managing Farm Risk Programme (MFRP).
The $20 million MFRP will provide rebates up to $2,500 in dollar-for-dollar matched funding against the costs incurred by an eligible farm business in securing, or attempting to secure agricultural insurance. So what does this mean for you? Eligible farm businesses can now apply for a $2,500 rebate of the costs of engaging suitably qualified service providers to carry out one or more of these activities:
- Undertaking an assessment required by an insurance provider
- Compiling historical farm financial performance and production data
- Analysing insurance options based on a long-term, whole-of-farm risk assessment.Note: (i) This is not a rebate for insurance premiums.
(ii) The cut-off date for Level One cover for the coming season is now 25th April 2016.