Oct 21, 2017 Last Updated 10:47 AM, Oct 19, 2017

New Entry From the Editor :

Perth Airport checks in to shortlist in inaugural International Airport Review Awards

Perth Airport checks in to sho…

AusBN - Perth Airport has been shortlisted in the inaugural International A...

BHP reports mixed results for copper and iron ore in Q2

BHP reports mixed results for …

AusBN - The world’s number one miner BHP announced increased copper p...

Rio Tinto ships more Pilbara iron ore but lowers copper outlook in Q3 report

Rio Tinto ships more Pilbara i…

AusBN - Rio Tinto (ASX:RIO) produced another set of mixed results in its Q3...

Australian agriculture set to reach record high in 2017

farmAusBNAusBN - The value of the Australian agricultural industry has been tipped to hit a record AUS$63.8 billion this financial year, after record wheat crops were recorded during the most recent harvest period. 

The annual Australian Bureau of Agriculture and Resource Economics and Sciences (ABARES) Outlook predicted the value of the sector will peak this year, before easing off in 2017-18 and dropping down to $59.6 billion in 2020-21.

The agricultural sector has experienced three years of solid growth which will culminate this year, after an ‘exceptional’ season for wheat and barley production, which will be a primary driver of the record figures.

ABARES has forecasted the gross value of crop production will increase by more than 20% this year to $33.9 billion.

However, livestock production will slightly dampen the national agricultural sector, with ABARES predicting a 2.6% drop in figures as graziers hold on to stock.

But the commodity forecaster noted the value of the livestock sector should rebound by 4.4% next year, leaving the overall value of livestock production around 28% higher than the five-year average.

@AusBNOnline

This Month's Issue

AusBN Vol3 Iss1

Subscribe

rgn web banner

abn web banner