Details of a drought assistance package to help Queensland and NSW farmers will be fleshed out this week in cabinet discussions.

Prime Minister Tony Abbott will flesh out a drought assistance package for farmers in NSW and Queensland this week.

Mr Abbott told reporters on Monday the details of a “fair and fiscally responsible” package would be discussed with cabinet colleagues this week, including Agriculture Minister Barnaby Joyce.

He said it was understood the situation affecting parts of NSW and Queensland was serious and a response would be made as quickly as possible.