From today's AFR:
Australia’s farm, fisheries and forestry sectors are set to rebound in 2024-25, following disappointing crops last year, said the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
An increase of up to 6 per cent is predicted to $90.8 billion, which would be the third-highest on record.
Crops outputs are estimated to rise to $48.7 billion and livestock to top $36.2 billion, a record high, due to 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,” said Jared Greenville, executive director at ABARES.
He predicts broadacre farm cash incomes are also set to rebound in 2024-25 to $192,000, after significant falls in 2023–24.
From today's AFR: Australia’s farm, fisheries and forestry...
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