Tony Abbott Will Announce A Drought Assistance Package For Australian Farmers Today

Tony Abbott will announce a drought assistance package to help farmers. (Getty Images)

Prime Minister Tony Abbott is expected to announce a drought assistance package that will help struggling Australian farmers, according to the Australian.

Vast areas of both New South Wales and Queensland have had no significant rain for two years, and the measure will increase access to interest-only loans, as well as mental health assistance, to help farmers battling the tough conditions.

The length of the loan period will also be extended. According to the report this is essential for livestock producers, who need to wait a long time after rain to see any increase in their cash flow.

The Australian says the plan was confirmed after Abbott visited drought-ravaged areas with Agriculture Minister and Nationals MP Barnaby Joyce, whose electorate covers farming land in Northern New South Wales.

There is more here.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.