Farmers are tipped for record agricultural output as Australia enjoys a third year of high rainfall according to a new government report.
Farmers are projected to produce a record $90 billion in agricultural output this financial year, thanks to heavy rain and high global food prices, but the government’s top agricultural forecaster expects exports to fall as drier conditions return.
Dr Greenville said the production of wheat and canola were expected to reach record levels this financial year, and Australia’s barley producers were on track to produce their third-largest crop on record.numbers, with producers increasing their production while also benefitingBut a return to drier conditions will cause production to fall by 10 per cent to $81 billion in 2023-24, ABARES forecasts, and export values are likely to fall 15 per cent to $64 billion.
Production is forecast to fall even further over the medium term to 2027-28, as more normal growing conditions take hold.
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