Minister welcomes rebound in ag value

ABARES latest forecasts, released today, show that Australia’s agriculture industry remains in good shape, with production levels expected to rebound by up to 6% in 2024-25.

These forecasts would bring the gross production value of Australian farms, fisheries and forestry to $90.8 billion in 2024-25, the third highest on record.

Minister for Agriculture, Fisheries and Forestry Murray Watt welcomed the improved figures during his speech to the ABARES Outlook Conference in Canberra.

“These forecasts are a testament to the hard work of Australia’s farmers, fishers, foresters, the workers in those industries and the whole ag supply chain,” he said.

“From a government perspective, I’m pleased that the Albanese Government’s policies are underpinning that effort.

“The next 12 months will be key to building on the work we’ve already done and delivering on our priorities.”

Minister Watt also said it was pleasing to ABARES forecasting that farm incomes will rise as well.

“With cost-of-living pressures rising across the country, the more money in people’s pockets the better.

“We’re doing our part by delivering a tax cut for all Australian taxpayers and boosting the wages of workers around the country.

“Broadacre farm cash incomes are also forecast to rebound to an average of $192,000, after significant falls last year.

“The forecast improved growing season climate conditions and the expected turnaround in livestock prices in 2024–25 will drive increases in farm income.”

The ABARES Agricultural Commodities Report contains ABARES forecasts for the value, volume, and price of Australia's agricultural production and exports, as well as forecasts for farm cash incomes.

Estimates include a detailed analysis of 2024–25 and 5-year projections for commodities outlook under two possible scenarios for domestic and global production and macroeconomic conditions.

The Australian Crop Report is released quarterly and includes forecasts for crop area planted, expected yields and production levels in each relevant Australian state.

The most recent Agricultural Commodities Report can be read on the ABARES website: Agricultural commodities - DAFF (agriculture.gov.au).

The Australian Crop Report can be read on the ABARES website: Australian Crop Report - DAFF (agriculture.gov.au).