{"id":203169,"date":"2018-03-06T19:25:08","date_gmt":"2018-03-06T09:25:08","guid":{"rendered":"http:\/\/southburnett.com.au\/news2\/?p=203169"},"modified":"2020-08-06T12:37:46","modified_gmt":"2020-08-06T02:37:46","slug":"farm-incomes-returning-to-trend","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2018\/03\/06\/farm-incomes-returning-to-trend\/","title":{"rendered":"Farm Incomes ‘Returning To Trend’"},"content":{"rendered":"
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ABARES Executive Director Dr Steve Hatfield-Dodds (Photo: Linked In)<\/figcaption><\/figure>\n

March 6, 2018<\/strong><\/p>\n

The latest ABARES Agricultural Commodities report forecasts a dip in farm production and exports in 2017\u201318, before steady growth over the next five years.<\/p>\n

ABARES Executive Director, Dr Steve Hatfield-Dodds, said the gross value of farm production was estimated to have risen at an annual rate of 2 per cent over the past six years to 2017\u201318.<\/p>\n

The 5 per cent reduction forecast for 2017\u201318 followed an exceptional 2016\u201317.<\/p>\n

\u201cOur forecast farm production of $59 billion in 2017\u201318 is largely due to a return towards trend in the gross value of crops from record production in 2016\u201317,\u201d Dr Hatfield-Dodds said.<\/p>\n

\u201cOur price projections for the next five years are influenced by two key drivers.<\/p>\n

“Global crop production is trending down from the very high levels of 2016\u201317 but is expected to be enough to keep stocks high and prices low out to 2022\u201323, provided no major supply shocks occur.<\/p>\n

\u201cFor livestock, the US beef cycle has moved to a phase of increased production, intensifying competition in Australia\u2019s export markets.<\/p>\n

“For the period to 2022\u201323, we project this will keep prices below the recent highs associated with US production bottoming out in 2015\u201316.<\/p>\n

\u201cWith this flat outlook for prices, growth in the value of agricultural production and exports will come mainly from increased volume, underpinned by rising demand as incomes and populations in importing countries grow.<\/p>\n

\u201cAn expected 2 per cent increase in the gross value of livestock production in 2017\u201318 will be driven by global demand for sheep meat, lamb, wool and dairy.<\/p>\n

“Steady increases are forecast to follow, with the gross value of farm production to increase by an average of around 1.2 per cent per year to reach nearly $63 billion in 2022\u201323.<\/p>\n

\u201cIn 2017\u201318 the value of farm exports is expected to decline by 4 per cent to $47 billion, before growing steadily to reach $50 billion by 2022\u201323.\u201d<\/p>\n