{"id":338126,"date":"2023-10-06T14:24:45","date_gmt":"2023-10-06T04:24:45","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=338126"},"modified":"2023-10-06T22:28:08","modified_gmt":"2023-10-06T12:28:08","slug":"farm-incomes-tipped-to-slump","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2023\/10\/06\/farm-incomes-tipped-to-slump\/","title":{"rendered":"Farm Incomes Tipped To Slump"},"content":{"rendered":"
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Beef cattle have suffered a major drop in price (Photo:\u00a0 Supplied)<\/figcaption><\/figure>\n

October 6, 2023<\/strong><\/p>\n

After enjoying two record years, ABARES has forecast that broadacre farm incomes will fall significantly in 2023\u201324 due to the drier conditions and lower prices, especially for livestock.<\/p>\n

Executive Director Dr Jared Greenville said that, at a national level, average farm cash income for broadacre farms was expected to drop 41 per cent to $197,000 per farm in 2023-24, representing a fall in incomes back to levels seen three years ago.<\/p>\n

\u200b\u201cLivestock farms will be affected by large decreases in prices for beef cattle and sheep, with sheep farm incomes forecast to be well below average,\u201d Dr Greenville said.<\/p>\n

\u200b\u201cWe are expecting incomes well below the long-term average in parts of northern NSW and southern Queensland and the northern parts of the Western Australian cropping zone, mainly due to drier conditions resulting in lower crop yields.<\/strong>
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\n\u201cIncomes are also forecast to be well below average in parts of southern Victoria and South Australia, as well as parts of Tasmania and Western Australia, due to a combination of dry conditions and declining sheep, lamb, and wool prices.<\/p>\n

\u201cIt\u2019s important to note these numbers are based on price and weather forecasts from early September. Prices for cattle and sheep have fallen further in recent weeks so there is likely more downside risk to these forecasts than upside at present.\u201d<\/p>\n

ABARES is now providing quarterly updates to farm performance forecasts, with the next update due in December.<\/strong><\/p>\n

\u200b\u201cBy linking ABARES farm and CSIRO production models with Bureau of Meteorology seasonal weather forecasts, we can now provide more timely updates on how seasonal and market conditions are affecting the farm sector,\u201d Dr Greenville said.<\/p>\n

\u200b\u201cThis is a significant step forward from the forecast we have traditionally provided once a year.\u201d<\/p>\n