AusBN - 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.