We have had some seven major droughts since then, the severest in the 21st century.

It was usually the case that when you spoke with farmers or their industry reps during a drought they'd tend to say that "Yes, this is a bad drought, but not as 'big' as ... and they would then quote some year from their memory.

However, they tend to claim the current drought as the worst that they or their families can remember.

It is significant to note that the basic prediction of the climate scientists has been that global warming will result in more extreme weather events, such as droughts, occurring with greater frequency and intensity.

It simply cannot be denied that this is happening, and it is only because our PM and key members of his government are climate deniers, or sceptics, that the government hasn't recognised the significance of the climate challenge, and its link to the severity of the current drought.

So, the government has failed to deliver a comprehensive, national, drought strategy, that not only delivers financial and other assistance to drought-affected farmers and their communities, but also works to make our soils more resilient and drought resistant.

Sure, they claim to have a $7 billion drought strategy, but it is predominately cash handouts, not broad-based policy.

While undoubtedly some farmers need a "welfare-type" payment to assist with their costs of living, many are actually offended by the thought of welfare, and having other taxpayers footing their bills, especially as many farmers are often asset rich, and recognise that they also enjoy "good" years, with good prices for their produce, as well as drought years.

This suggests that the government would be wise to consider giving drought assistance to some in the form of HECS-type, income-dependent loans, that can be repaid in the future good years.

Also, if Morrison and his team weren't so anti-climate, they should embrace a significant program in support of "regenerative agriculture" to improve our soils and make them more drought resistant.

This would be a win, win, win, for farmers, for our nation in meeting the climate challenge, and for future generations in terms of handling future droughts.

Essentially it would involve basic changes in farming practices - shallow tilling/or no tilling of the soil, a move from chemical to organic fertilisers, better land management, the rotation of crops and animals, and so on.

By improving the carbon content of the soil, they make the soils more absorptive, and farmers would generate carbon credits for the soil improvement, that could be sold to provide a significant additional source of income, during the drought and beyond.

So much work and research has been done now, over many years, that a regenerative agriculture program is "shovel ready".

Indeed, ex Governor-General Mike Jeffrey, through his Soils for Life initiative, has personally spoken to more than 8000 farmers, conducted pilots and case studies on many farms, and thought through the essential detail for the implementation of such a program, all at his own expense.

I am told that Morrison is personally attracted to the idea, and has initiated some preliminary steps towards backing it.

But he shouldn't dither, and if farmers need initial funding, he could consider the HECS-type financing for this as well, to be repaid ultimately from the sale of the carbon credits generated.

Much of our agriculture has the potential to punch above its weight in terms of meeting the climate challenge in the sense that it is possible to contemplate net negative emissions, thereby offsetting not only their own emissions, but also emissions from other sectors of our economy.

Agriculture can also make significant contributions to our national waste and fuel security crises, by productively and profitably recycling waste to make electricity and biofuels, etc., as well as producing additional carbon credits and offsets.

While society tends to focus on the risks and downside of challenges such as drought and climate, it is imperative for us, as a nation, to recognise the tremendous, transformative, opportunities that these challenges also provide.

John Hewson is a professor at the Crawford School of Public Policy, ANU, and a former Liberal opposition leader.