The Federal Government has promised a budget of $2.4 million to aid drought-stricken farmers who are looming on their future.

The proposal will provide farmers a succession plan to address the problems concerning the hot weather, said Agricultural Minister Tony Burke.

According to the minister, the money will be handed to 110 rural financial counsellors around the state and they will supply farmers additional support and advice on how to handle their business.

However, out of 8550 farmers who requested for counselling assistance over the past nine months, an estimate of 1500 said they do not have a succession plan. The average age of these Australian farmers is under 58 years old.

Mr. Burke explains that despite the fact that farmers are seeking help in farming or resort to retiring, there is lack of support for farm succession, which is the missing link to uplift the livelihood of the farmers.

"These farms are not just businesses - they're homes and in many cases, they're the family history," Mr. Burke said.

The counsellors will discuss a succession plan to farmers who request for it. Several advisers and government agencies will work with the farmers for the transition.

According to a 2008 government report, succession plan was identified and considered as part of the national drought reforms. It recorded the changing demographics of farm families and it further suggests to introduce new strategies to enable "intergenerational change"