Australia’s farmers and trade will suffer if the country turns its back on genetically modified crops, according to a new report.
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The Productivity Commission report found that in the long term Australia’s production and exports would be adversely affected because the country would lose market share to the US and Canada if it did not expand its use of GM technology.
With Canada and the US expanding their use of GM crop technology, the report warned that if consumers begin to embrace GM foods, Australia may find it hard to compete on the wheat and canola markets in future because of the greater cost of producing non-GM crops.
