The latest ABARES Agricultural Commodities report forecasts a return towards trend for farm production and exports in 2017–18, before steady growth over the next five years.
ABARES Executive Director, Dr Steve Hatfield-Dodds, said the gross value of farm production is estimated to have increased at an annual rate of 2 per cent over the past six years to 2017–18. The 5 per cent reduction forecast for 2017–18 follows an exceptional 2016–17.
“Our forecast farm production of $59 billion in 2017–18 is largely due to a return towards trend in the gross value of crops from record production in 2016–17,” Dr Hatfield-Dodds said.
“For livestock, the US beef cycle has moved to a phase of increased production, intensifying competition in Australia’s export markets. For the period to 2022–23, we project this will keep prices below the recent highs associated with US production bottoming out in 2015–16."
Visit the ABARES website to read the full outlook report.