The Deputy Prime Minister has announced the Coalition's $240 million agriculture policy, as the campaign approaches its final week.

Barnaby Joyce said the policy builds on his Agricultural Competitiveness White Paper, but it's not clear exactly where all that money will be spent.

Farmers who hoped that the Coalition's agriculture policy would bring certainty on future backpacker tax arrangements have been disappointed, and the National Farmers Federation now sounds resigned to waiting until after the election to resolve the issue it's named as its top election priority.

Mr Joyce made the announcement at the annual PrimeEx field day in the beef producing town of Casino, in northern New South Wales.

He promised $20 million over five years to extend a research program focused on eradicating pests like wild dogs and feral pigs, which can cost farmers hundreds of thousands of dollars in damages each year.

It's understood the policy includes $4 million for the development of a northern rice industry, and $2 million to establish a milk price index.

If re-elected, the Coalition would also commit $8.3 million dollars to implement the government and industry-developed Livestock Global Assurance Program (LGAP) for the live export industry, which has been described as an evolution of the existing Exporter Supply Chain Assurance System (ESCAS).

Animal rights groups have criticised that funding, which comes after workers in Vietnamese abattoirs were filmed brutally slaughtering what appeared to be Australian cattle.

But the centrepiece of the Coalition's agriculture policy is a previously announced $2 billion water infrastructure loans fund and yesterday's commitment to setting up a Regional Investment Corporation (RIC).

The RIC would be regulated like a bank and administer drought and dairy concessional loans, removing that responsibility from the states.

While he's previously flagged constitutional concerns with administering loans at the Commonwealth level, Mr Joyce now says he does not foresee any hurdles to the proposal, citing the previous existence of a Commonwealth Development Bank.

The Coalition attempted to abolish the Clean Energy Finance Corporation (CEFC), which was set up under the former Labor government, when it was elected in 2013 but was unable to get legislation through the Senate.

Mr Joyce said his government would encourage CEFC investment in agriculture if re-elected.

Labor reacts to Coalition policies

Opposition agriculture spokesman Joel Fitzgibbon criticised the Coalition policy as light on detail, and said Labor would announce its plan for agriculture before the election.

While Labor's document will include $75 million to establish an Institute for Biosecurity, it will not resolve Labor's position on the backpacker tax.

On Thursday, Mr Fitzgibbon again said Labor would support a Coalition decision to scrap the 32.5 per cent backpacker tax, but would not rule out implementing it if Labor is elected.

He rejected criticism that his position amounts to playing politics with the issue.

"It's not a political argument, it's just a statement of fact that they're running around spending backpacker revenue which we don't believe exists. Now if we say tomorrow, independent of them, then they get to spend $540 million we don't have to spend, on other agricultural programs," Mr Fitzgibbon said.

"We won't be sucked into Barnaby Joyce's stunt. If he's going to change the tax, give us the revenue."

Lobby group awaiting backpacker tax review

National Farmers' Federation president Brent Finlay indicated the national farm lobby, which launched a high-profile campaign against the backpacker tax in January, is now resigned to the fact it will have to wait until after the election before the issue is resolved.

"We've been told there's going to be a review after the election, [so we will] sit down as soon as this election's out of the way, with the government or the new government, to work out how we get rid of this tax," he said.

"We've got to get the election out of the way, and that's what we've been told."

The National Irrigators' Council welcomed what he said was a sharpened focus from the Coalition on electricity prices for farmers, saying the high cost of power is one of the biggest issues facing its members.

"While there's not a lot of money in it at this stage, it's certainly a seismic shift that we now have a champion in Canberra who will look at trying to get cheaper electricity on farms," chief executive Tom Chesson said.