Document ID: chunk:federal_register_of_legislation:F2024L00150:clause:1_2
Version: federal_register_of_legislation:F2024L00150
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 4543–7260

2  Purpose
       (1)    This Plan ensures a coherent and consistent approach for making arrangements with, or grants to, a person or body under section 21 of the Act and entering into agreements under section 22 of the Act setting out the terms and conditions of such grants.
       (2)    This Plan provides a high-level, principles-based framework to guide relevant spending under the Future Drought Fund. It does not specify programs or activities to be delivered or delivery partners.
       (3)    The Future Drought Fund Investment Strategy 2024 to 2028 is a supporting policy document that will provide detailed information about the delivery of programs and activities from 2024 to 2028, consistent with the vision, aim and strategic objectives in this Plan. It identifies the priorities for the Future Drought Fund across the 4-year funding period and will facilitate better planning, sequencing, and coordination of programs. It will also demonstrate links to the broader landscape of drought and climate resilience initiatives.
       (4)    The object of the Act is to enhance the public good by building drought resilience. Consistent with this, the benefits generated from the funding under the Future Drought Fund should be able to be accessed and or shared by many (i.e. provide public benefits), rather than be captured solely by individual businesses or industries for private commercial gain (i.e. private benefits). The benefits achievable from the funding should also outweigh the costs. Public good may be established where there are significant spill over benefits for society and the economy, well beyond those derived by private beneficiaries. Wherever activities could deliver both public and private benefits, relevant decisions should seek to leverage private or industry co-contributions (financial or in kind) to offset private gains, where appropriate, and maximise outcomes.
       (5)    A key aspect of drought resilience is the ability to adapt, reorganise or transform in response to changing temperature, increasing variability and scarcity of rainfall and or changed seasonality of rainfall, for improved economic, environmental and social resilience.
Note: This recognises that more frequent and severe droughts are one of the many impacts of climate change. This Plan supports broader climate resilience outcomes, where they are consistent with the funding principles outlined in this Plan.
 (6) The Act is an enduring commitment to support drought resilience in the short, medium, and long-term. The following vision, aim and strategic objectives are intended to facilitate funding decisions which produce enduring outcomes, including beyond the 4-year funding plan period.