Download Full Report and Data
This report contains ABARES forecasts for the value, volume and price of Australia’s agricultural production and exports to 2024–25.
Outlook and commodity summaries
The summary sections below provide and outline of updates for the June 2024 quarter. Further information on these topics is available in the Full Report and Data section above.
- Gross value of agricultural production forecast to rise by 2% to $84 billion in 2024–25.
- Livestock production to increase despite better seasonal conditions, driven by strong global demand.
- A positive winter rainfall outlook is expected to support crop production in 2024–25.
- Lower exportable supply and easing prices for most crops to reduce agricultural export values in 2024–25.
Download this report: Overview (PDF - 3.4 MB)
- Global economic prospects to remain subdued in 2024 reflecting sluggish consumption growth.
- Strong population and income growth in Asia to support aggregate food consumption over the outlook.
- The Australian Dollar is assumed to appreciate over the medium term.
- Global supply chain disruptions a risk for higher farm input prices.
Download this report: Economic Overview (PDF - 3.4 MB)
- Improved climatic conditions have increased Australian summer 2023–24 crop production estimates compared to those released in the March 2024 Agricultural Commodities Report.
- Average to above average summer and autumn rainfall across much of New South Wales and Queensland has provided a close to ideal start to the 2024–25 winter cropping season for those areas.
- In contrast, low soil moisture level and limited autumn rainfall in Western Australia, South Australia and western Victoria has seen a large proportion of the 2024–25 winter crop sown dry.
- Average to above average rainfall forecast for June to August 2024 is expected to boost production for many of the world’s major grain- and oilseed-producing regions in 2024–25.
Download this report: Seasonal Conditions (PDF - 3.4 MB)
- Value of Australian crop production to increase by 2% to $48.1 billion in 2024–25.
- Value and volume of Australian crop exports to fall with falling prices and exportable supplies.
- Australian crop production to increase in 2024–25 despite mixed start to winter cropping season.
- World prices to ease with rising supply, but likely to remain elevated.
Download this report: Outlook for crops (PDF - 3.4 MB)
- Value of production for livestock and livestock products to rise by 3% to $35.4 billion in 2024–25.
- Global and domestic prices to rise for most livestock and livestock products.
- Domestic production volumes of meat to rise while milk and wool fall.
- Value of livestock and livestock product exports to rise by 2% to $30 billion in 2024–25.
- Rising world demand for most livestock products expected to outweigh higher world supply.
Download this report: Outlook for livestock and livestock products (PDF - 3.4 MB)
- Broadacre farm business profits forecast to increase by $48,000 to -$19,000 in 2024–25 driven by improving weather conditions and higher livestock commodity prices.
- Cropping farms expected to have another good year with production outpacing easing commodity prices.
- Livestock farms projected to face another year of negative profits despite improvements in prices.
Download this report: Farm Performance (PDF - 3.4 MB)