Australia's farmers bounce back thanks to rain, high prices and bad times overseas
17.9.2021In case you hadn't heard, Australian farmers are on track for an absolute blinder.
After years of drought, a seemingly relentless mouse plague, a bitter trade war with China and the global pandemic, the farm sector is one part of the economy set for record returns.
This year, the value of all that is grown on Australian farms is expected to reach $73 billion.
Not bad for an industry worth less than $60 billion just four years ago.
So what's the secret to the success?
Basically, Australia received a lot of rain while a lot of the world didn't.
A good season across most of Australia means that farmers here are now dusting off their tractors in preparation for what is expected to be one of the largest harvests on record.
Farmers in the drought-ravaged US, Russia and Canada have been less fortunate and poor yields from their crops mean global grain prices are soaring.
So, Aussie farmers are on the receiving end of that double whammy: great weather and high, if not record, prices...
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