Australian cattle farmers would be A$300m (US$166.2m) a year better off if worldwide beef subsidies were scrapped, according to a report compiled as part of a joint Australia, US, Mexico, Canada and New Zealand project.

On the other hand, farmers in places where subsidies are high, such as the EU, Japan and South Korea, would suffer as a result of falling beef prices and low profits for farmers.

If subsidies were stopped in Japan and South Korea, the report claims that Australian producers would receive a boost of $220m.

Peter Barnard from Meat and Livestock Australia, who launched the report at the Cairns group meeting in Bolivia, said that fighting subsidies would bring benefits for Australian farmers.

He also claimed that in the EU beef farmers get most of their income from government handouts while producers in countries like Australia and the US rely on their own hard work, reported the Australian Associated Press.