Australian drought stricken farmers have received a boost to financial assistance packages with the Federal Government announcing a new $714 million package last week.

The packages come after the $430 million in exceptional circumstances funding announced earlier in September.

Aspects of the package include:

EC assistance

Changes to interest rate subsidy arrangements, so farmers can reapply for assistance on new debt incurred in between applications.

Professional grants and planning advice will become a permanent part of EC assistance, while farmers will no longer have to wait three years to access the $5000 planning grant.

A contingency fund to ensure all research and development corporations have funds to continue research in periods on low levy collections caused by drought.

Small business support

All rural small businesses in towns of up to 10 000 people who can show they have been affected by drought will be able to access EC support.

Social support

Additional resources for rural financial counselling services.

Establishment of 25 family support drought response teams.

Additional funding for the Emergency Relief Program.

Irrigators

Provisions for technical information sessions to assist irrigated industries manage their farm businesses for reduced water allocations.

Exit grant

Up to $150 000 for farmers who leave the land.

Access to up to $10 000 for professional advice and re-training assistance and up to $10 000 for relocation expenses assistance.

This information was provided by Federal Member for Murray Sharman Stone.