•   On or after 1   July 2020, the Drought Minister may, on behalf of the Commonwealth:

  (a)   make an arrangement with a person or body in relation to drought resilience; and

  (b)   make a grant to a person or body in relation to drought resilience.

•   Before making an arrangement or a grant, the Drought Minister must request advice from the Regional Investment Corporation Board.

•   The Drought Minister must determine a Drought Resilience Funding Plan for ensuring that a coherent and consistent approach is adopted in:

  (a)   making arrangements or grants; and

  (b)   entering into agreements setting out the terms and conditions of grants.

•   This Part establishes the Agriculture Future Drought Resilience Special Account.

•   During the financial year beginning on 1   July 2020, and during each subsequent financial year, $100 million will be transferred from the Future Drought Fund Special Account to the Agriculture Future Drought Resilience Special Account.

•   The purposes of the Agriculture Future Drought Resilience Special Account are as follows:

  (a)   to pay amounts payable by the Commonwealth under arrangements relating to drought resilience;

  (b)   to make grants relating to drought resilience;

  (c)   to transfer amounts to the Federation Reform Fund for the purposes of making grants to the States and Territories in relation to drought resilience.

•   This Part establishes the Future Drought Fund Consultative Committee.