Australia's agriculture, fisheries and forestry production is expected hit a record combined value of $101.6 billion in 2025-2026, according to the latest ABARES forecasts released today.
Executive Director of ABARES, Dr Jared Greenville, said the new record value was mostly down to livestock.
"We've seen high prices lately for both livestock and animal products, like beef, lamb and milk," Dr Greenville said.
"This has boosted the value of livestock production to $41.6 billion, helping to drive overall agriculture sector production value to a forecasted $94.7 billion, which would also be a record."
Dr Greenville said crop production value is forecast to fall slightly in this financial year.
"Wheat production and value are set to fall as both global prices and Australian yields decline slightly from last financial year, although wheat production is still ticking along above the 10-year average," he said.
"Barley and pulse production are also on the rise, which with stable canola production, is forecast to see the 3rd largest winter crop on record."
Much of this increase is due to rainfall over July in many parts of South Australia and Victoria.
Western Australia has also had above average rainfall and overall is in a good position heading into spring. Southern New South Wales remains an area of concern, however, due to a slow start to the winter cropping season and relatively low soil moisture levels.
Exports are also looking strong for the year ahead.
"Agriculture exports are set to fall slightly but are still well above average - at $74.6 billion, these are the third-highest value on record," Dr Greenville said.
"Beef and sheep meat exports are due to fall, but horticulture exports are forecast to increase, and wheat exports will also rise as a result of high carry over from 24-25.
"The global trading environment remains uncertain, but there is still strong international demand for Australian food and fibre from markets like China, Japan and the US."
Read the ABARES September Agricultural Outlook.
Read the September Crop Report.
