Production in Australia’s agriculture, fisheries and forestry sectors remains on track to be the third highest on record in 2024-25, supported by an improved seasonal outlook.
The gross value of agriculture, fisheries and forestry is expected to increase by 2%, from $87.6 billion in 2023–24 to $89.5 billion in 2024–25.
Executive Director of ABARES Dr Jared Greenville said this quarter’s Agricultural Commodities and Australian Crop Report show an expected improvement in agriculture following drier conditions seen in 2023-24.
“Some cropping regions are currently experiencing dry conditions, but an expected improvement in season conditions over winter, combined with improved livestock prices and production, will put Australian agriculture in a good position,” Dr Greenville said.
“Strong global demand for Australian livestock products will support an improvement in prices and production, with the gross value of Australian livestock production and livestock products forecast to increase by 3% to $35.5 billion in 2024–25.
“For crops, despite lower prices resulting from higher global production, the value of crop production is expected to grow by 2% to $48.1 billion in 2024-25 on the back of higher production levels.
“We are also seeing continued growth from Australian’s horticulture sector, which is expected to be at a record high of $17.4 billion, led by increases in fruit and nuts.
“The Australian Crop Report shows and a strong response from growers to changing market and seasonal conditions.
“The area to chickpeas is growing 79% in response to recent Indian tariff reductions and a good start to the season in NSW and Queensland. The area for lentil plantings is also at a record 885 thousand hectares.
“A lower exportable supply of grains and oilseeds in 2024-25 will, however, see the value of agriculture, fisheries and forestry exports decline by 4% to $73.1 billion in 2024–25.
“Despite the fall in export value, this result will still be the third highest on record.
“At the farm level, improving seasonal conditions and higher livestock prices, are expected to see average broadacre farm cash incomes increase by $45,000 to $149,000 in 2024–25.
“The forecasts show Australian agriculture doing what it’s known for – being adaptable to seasonal conditions and able to respond to new market opportunities.”
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