The total amount available for loans each year will also be doubled from $250 million to $500 million.
The current $1 million cap on low-interest loans will be doubled to $2 million.
The local councils will have access to a pool of $75 million to fund projects, including providing emergency water supplies.
$2.7 million for enhanced long term weather forecasting. The Government will also simplify the application form for Farm Household Allowance.
Farmers will be better placed to invest in fodder storage as part of the instant depreciation initiative.
"We wish we could be with you today but I'm on tour, but it's very important for us to be a part of this today and do our bit for the farmers".
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"We are constantly working to ensure that you get every support you can", Mr Turnbull added. "And of course, let's all pray for rain". Farmers have been struggling to feed and water their livestock ever since.
Under the significant funding boost, 60 drought-affected councils on Australia's east coast will be handed one million Australian dollars each to be spent however they see fit on drought relief.
Reserve Bank of Australia governor Philip Lowe says the drought is having a negative impact on the economy, telling a parliamentary committee on Friday that the dry conditions will limit farm production.
"The first five years of these loans will remain interest-only". This measure recognises that support is also needed for the communities and businesses that back our farmers. Most are managing cash flows with costs outweighing receipts, and the accelerated depreciation will be of help.
"That's going to provide some more jobs and some more income into the town".
They're the Aussie stars who have always stayed true to their roots and Nicole Kidman and Keith Urban proved that despite being halfway across the world, their thoughts are with the desperate drought-stricken farmers battling to save their livelihood.
Help has never been more in demand, with the NSW Government declaring 100% of the state is now in drought, and experts predicting that it will be the worst NSW drought in 40 years.