Australia's farm gate production value is forecast to reach almost $100 billion next financial year, despite farmers facing serious challenges with seasonal conditions and the impact of the war in the Middle East.
The latest forecast from the Australian Bureau of Agricultural Resources Economics and Sciences (ABARES) released today shows the gross value of agricultural production is forecast to reach more than $98 billion in 2026-27, and more than $104 billion when combined with fisheries and forestry.
This is set to be the second highest result on record, and will follow a record result for agriculture, fisheries and forestry this financial year of almost $110 billion confirmed in the latest forecast from ABARES.
The Albanese Labor Government has worked tirelessly with Australia's farmers: opening up new trade opportunities, strengthening our biosecurity system, and helping to improve the resilience and sustainability of Australian farms.
ABARES forecasts show the value of agriculture, fisheries and forestry exports will reach almost $80 billion in 2026-27, with strong demand for Australia's world-class food and fibre.
The contribution this result makes to our national economy is a testament to the hard work, resilience and skill of Australia's world-class farmers, fishers and producers.
But we know farmers, fishers and producers are facing serious challenges.
The ABARES forecast shows difficult seasonal conditions and higher costs for fuel and fertiliser driven by the war in the Middle East are set to impact on farm profits.
That's why the Albanese Labor Government has been working around the clock with our farmers, fishers and producers to help them manage the disruption from the war.
We are investing more than $14 billion towards the Strengthening Australia's Fuel Resilience package, which is helping to provide immediate relief, including securing more fuel and fertiliser, and boosting our sovereign capability into the future.
The Government has year-round support available to farmers, fishers and producers facing hardship, including concessional loans through an additional $1 billion being delivered to the Regional Investment Corporation.
Quotes attributable to Minister for Agriculture, Fisheries and Forestry, Julie Collins MP:
"Australian farmers, fishers and producers have proven again and again just how resilient they are, and this will continue to be backed by the Albanese Labor Government.
"This forecast demonstrates this resilience once again and the tremendous contribution our farmers, fishers and producers continue to make to our national economy despite serious challenges.
"Our Government has been working hand in hand with our farmers, fishers and producers to help manage the impact of the war in the Middle East and difficult seasonal conditions so they can continue to succeed."
Quotes attributable to Assistant Minister for Agriculture, Fisheries and Forestry, Senator Anthony Chisholm:
"This result is a testament to the resilience and hard work of Australian farmers. Despite challenging conditions, our producers continue to adapt, innovate and deliver.
"Their success strengthens regional communities and the national economy.
"Our Government will continue working alongside industry to strengthen productivity, open new market opportunities, and ensure Australian agriculture remains globally competitive for generations to come."
