Several primary farming sectors in Australia are expected to do well in 2001, according to the latest survey by the Australian Bureau of Agricultural & Resource Economics.
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Generally farm incomes have increased by 10%, amounting to 5.5 % or A$32bn.in gross value terms, a figure particularly boosted by the gains in cash incomes for producers of wool, beef and grain. During 2001 the price of wool has increased by 20% and beef by 9%, incomes reaching their highest level since 1989 and 1983, respectively.
Dairy farmers are not expected to fare as well during 2001 however, as deregulation will cause their incomes to plummet by 20%. In Western Australia and Queensland, poor seasonal conditions will also reduce farm incomes.
The Bureau believes that much of the rise in farm income can be attributed to the fall in the Australian dollar.
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