Australia's farmers and producers are on track to deliver a record result, with new figures released today showing an agriculture, fisheries and forestry industry forecast to pass $100 billion this financial year.
This milestone is a credit to the hard work, resilience and skill of farmers, backed by strong collaboration with the Albanese Labor Government. Together, we are boosting productivity, strengthening biosecurity, expanding export opportunities and supporting regional training and workforces.
The record growth is a result of strong prices for both livestock and animal products, such as beef, lamb, and milk - with the value of livestock production forecast to increase to $41.6 billion.
The value of Australia's agricultural, fisheries and forestry exports is forecast to remain high, reaching the third highest value on record, at $79.7 billion.
The return of major trade opportunities, including $20 billion worth of resumed trade with China that had been neglected by the Coalition, has strengthened international demand for Australian products.
Under our Government, market access for our farmers and producers is the most diversified it has ever been, providing our farmers with the best platform for continued growth.
The hard-won competitiveness of our industry on the world stage, combined with a $2 billion investment in biosecurity, is helping safeguard and grow the industry's future.
The Albanese Government understands some Australian farmers are still facing challenges, which is why we announced an additional $1 billion in new concessional loan funding through Regional Investment Corporation.
This commitment builds on the Government's rural support and drought resilience funding which has helped Australian farmers to prepare, adapt and respond to a range of hardships and issues including drought.
This forecast from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) reflects the tremendous success of Australia's world-class farmers - something the Albanese Labor Government is proudly backing.
To read the September edition of ABARES Agricultural Commodities report, visit https://www.agriculture.gov.au/abares/research-topics/agricultural-outlook.
To read the Australian Crop Report, go to https://www.agriculture.gov.au/abares/research-topics/agricultural-outlook/australian-crop-report.
Quotes attributable to Minister for Agriculture, Fisheries and Forestry, Julie Collins MP:
"Every community relies on our farmers, which is why the Albanese Labor Government is backing them to grow their businesses and to succeed.
"The continued growth in our agriculture, fisheries and forestry sector is good for our farmers, it's good for our regional economies, and it's good for our trade relationships.
"This record forecast is not only a result of increased demand for our world-class products, but what you can achieve when government works with industry to deliver for them.
"We've worked hard to deliver support to farmers facing challenges, and to unlock new opportunities for them to diversity trade, including improve market access with our international partners."
