March 5, 2024
Australia’s farm, fisheries and forestry sectors are set to rebound in 2024-25, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
The group’s latest reports are predicting that the gross value of production in 2024–25 will increase after poor seasonal conditions affected outcomes in 2023-24.
Executive Director Dr Jared Greenville said a rebound of up to 6 per cent was predicted, bringing the gross value of Australian farms, fisheries and forestry to $90.8 billion, the third highest on record.
“The gross value of Australian crops production, as well as livestock and livestock products, are both estimated to increase to $48.7 billion and $36.2 billion respectively,” Dr Greenville said.
“For our livestock production and livestock products industries this is a record high and the result of expected favourable climate conditions and improving prices.
“Above-average summer 2023–24 rainfall and subsequent build-up of soil moisture reserves in eastern Australia is expected to provide a good incentive for planting ahead of the 2024–25 winter crop season.
“The forecast improved growing season climate conditions and the expected turnaround in livestock prices in 2024–25 will drive increases in farm income.”
While the 2024–25 production outlook is favourable, the forecasts predict exports will continue to decline.
“In 2023–24 the value of Australia’s agriculture, fisheries and forestry exports is forecast to fall by 13 per cent to $71.6 billion, but this follows the record high the industry experienced the previous year,” Dr Greenville said.
“This decline is expected to continue, with an additional 5 per cent decline expected, leaving the 2024–25 value at $68.1 billion.”
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