The Victorian Farmers Federation says drought relief payments are needed in Victoria now.
The new drought aid scheme, agreed to by Australia's agriculture ministers on Friday, places more emphasis on preparing for drought than compensation for farmers.
VFF president Peter Tuohey says it's too late to prepare for drought in some areas of the state.
"When you think of some of the farmers in the north-west of the state at the moment, they've had two pretty tough years and are virtually on the borderline of drought," he said.
"If we happen to go into drought this year, what's going to help them? We can't see anything in this proposal by the Federal Government."
© ABC 2013
15:19 EST Editor's note: This story has been updated to clarify that the higher prices predicted by livestock agent Kevin Currie would be paid for dressed weight and not live weight bullocks, as was suggested in the original story.