Australian agriculture is set to benefit this financial year with the gross value of agricultural production forecast to increase by 4 per cent.
The ABARES Agricultural Commodities and Crop Reports show a significant growth in the sector, from $82.5 billion in 2023-24 to $86.2 billion in 2024-25.
Executive director of ABARES, Dr Jared Greenville, said this forecast shows the value of production across agriculture, fisheries and forestry reaching $92.1 billion in 2024-25.
“We have seen more favourable seasonal conditions across large parts of the country, easing input prices, and higher livestock prices supporting farm incomes,” said Greenville.
“Crop production across Australia has been driven by New South Wales and Queensland, and better than expected seasonal conditions in Western Australia.
Greenville also said that the Australian exports also continue to be in strong demand in key markets.
“Red meat exports are performing well in the US and Middle East,” said Greenville.
“We’re also seeing increased trade flows with China across various commodities, following improvements in market access.
“The horticulture industry is continuing to showcase its resilience as it maintains its forecast of record-breaking production values.”
Average cash incomes for broadacre farms are forecast to increase by 64 per cent to $192,000 per farm in 2024-25.
“We’re expecting to see the price for cattle and sheep increase compared to last year, leading to this significant improvement in farm incomes,” said Greenville.
“The ABARES Commodities and Crop Reports tell a positive story for Australian agriculture, capitalising on demand for our quality products.”