Good growing conditions and high prices for fresh produce have driven a boom across the farming industry, but will the future be as sunny?
abc.net.au/news/farm-sector-sets-90-billion-record-abares-reveals/102059398Australian farmers have produced their most valuable year yet, growing $90 billion worth of food and fibre, and pushing average yearly farm incomes to between $370,000 and $665,000 depending on the sector.
ABARES reports that 67.3 million tonnes of winter crops were harvested over 2022–23, with record production in Victoria, South Australia, and Western Australia. ABARES now expects the value of Australia's farm sector to fall to $81 billion and farm exports to $64 billion in 2023–24.The latest report from ABARES shows the high value for Australian agriculture reflected in farm incomes for the 2022–23 year, with the average cropping farm income soaring to more than $660,000.
He said the fall in broadacre incomes could be attributed to the rising costs associated with farming.
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