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Forecast steady despite drought
THE value of Australia’s farm production is forecast to remain unchanged at
$60 billion in 2018-19, well above the 10-year average of $55 billion, despite dry conditions in parts of Australia.
Australian Bureau of Agricultural and Resource Economics executive director, Dr Steve Hatfield-Dodds, said the latest forecasts were released in the September quarter agricultural commodities report.
“Although dry conditions are affecting agricultural production in eastern Australia, expected strong production in Western Australia, and rising grain prices, high livestock prices and a lower Australian dollar are providing support to farm incomes,” Dr Hatfield-Dodds said.
He said the value of crop production was forecast to drop by 3 per cent to
$30 billion in 2018-19 – reflecting a 12 per cent fall in the volume of winter crop production nationally, particularly in drought-affected cropping regions.
NEW REPORT: The ABARE’s report predicts the value of farming to remain unchanged.