Strong pickings as agriculture in for ripe harvest

Dominic Giannini |

The value of Australian crops is expected to surpass $48 billion despite higher global production.
The value of Australian crops is expected to surpass $48 billion despite higher global production.

Australia’s agriculture, fisheries and forestry production are on track to record their third-highest yield on record after a favourable winter and improved seasonal outlook. 

The gross value of the industries is expected to jump to $89.5 billion in the next financial year, up two per cent from 2023/24, according to this quarter’s departmental figures.

It follows drier conditions across the previous year, the agriculture department’s science and economics research division executive director said.

“But an expected improvement in season conditions over winter, combined with improved livestock prices and production, will put Australian agriculture in a good position,” Dr Jared Greenville said.

“Strong global demand for Australian livestock products will support an improvement in prices and production.”

Livestock production and products are forecast to increase to $35.5 billion in 2024/25, up three per cent.

And crops are still expected to grow slightly, surpassing $48 billion despite lower value due to higher production across the globe.

Fruit and nuts have sowed the growth for the horticulture sector, which is expected to hit a record high of $17.4 billion.

Chickpea plantings are up almost 80 per cent following India’s move to reduce trade tariffs and a good start to the season in NSW and Queensland.

But lower grain and oil seed exports in the next financial year will put a dent in the sector with a four per cent decline in exports.

The value of exports is expected to come in at just over $73 billion.

AAP