In August 2018, the Palaszczuk Government engaged an Independent Panel (the Panel) consisting of Ms Ruth Wade and Mr Charles Burke who completed a Queensland Drought Program Review, providing their report to the Minister for Agricultural Industry Development and Fisheries on 31 January 2019.

To complete the review the Panel conducted seven regional forums, received over 60 online submissions and utilised findings by Marsden Jacob Associates. The necessity for primary producers to have a ‘drought management plan’ was a recurring theme of discussion at regional forums. Further discussion with forum participants questioned the need for individual business risk management plans (BRMP) that would cover all aspects of agricultural risk, including drought.

The Panel made 20 recommendations as part of the Drought Program Review. Recommendation 18 of the Review recommended that the Queensland Government actively promote and, importantly, provide financial support to primary producers and individual agribusinesses to develop individual business risk management plans utilising multiple service providers and accepted models. The Queensland Government supported this recommendation in-principle and has committed to consult with industry on a suite of options, including existing programs for 2020-2024 to ensure appropriate support for individual business risk management.

Queensland drought policy, as agreed in the National Drought Agreement, is to improve long-term preparedness, sustainability, resilience and risk management for farming businesses and farming communities. Implementation of individual business risk management plans will increase adaptability to climate risks and better prepare producers and communities to manage and recover from drought.

An external consultant will be engaged by the Department of Agriculture and Fisheries (DAF) to identify what an individual business risk management plan will include and how the Queensland Government could enable broad adoption of risk management planning.