2024-25 production value up
Our latest forecasts point to a 6% rise in the gross value of Australian agriculture production in 2024–25.
This would take combined agriculture, fisheries and forestry sector gross value to $90.8 billion - the third highest on record if realised.
We're estimating the value of crop production, as well as livestock and livestock products, to increase to $48.7 billion and $36.2 billion respectively in 2024-25.
Above-average summer 2023–24 rainfall and subsequent build-up of soil moisture reserves in eastern Australia is expected to provide a good incentive for planting ahead of the 2024–25 winter crop season.
For all the latest numbers visit our website.
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Farm incomes to recover
Off the back of stronger expected crop yields, higher livestock prices and production volume, broadacre farm cash income is forecast to increase by 47% to average $192,000 per farm in 2024–25 under the mean climate forecast.
Farm business profit is forecast to increase from -$40,000 in 2023–24 to $40,000 per farm in 2024–25 under the mean climate forecast.
Learn more about our farm performance forecasts. |
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Snapshot of Australian Agriculture 2024
The latest ABARES Snapshot of Australian Agriculture showcases the industry's significant growth, with gross value of production increasing by more than 51% in the last 20 years, from $62.2 billion to $94.3 billion.
The Snapshot also puts a spotlight on sustainability, highlighting an increasing global attention on emissions from agriculture.
Australia is globally relatively low in emissions intensity, and our farmers operate without environmentally harmful subsides used elsewhere, meaning Australia is well placed to contribute to help lowering global agricultural emissions while supporting food security. |
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 | Agriculture, fisheries and forestry value of production, by commodity, 2022-23 |
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Farmland values just a click away
The ABARES Farmland Price Indicator has been updated with the latest data, quarterly estimates at the national level, and a new set of detailed regional estimates.
It shows Australian broadacre farmland values reached $9,576/ha in 2022 but declined by 1.5% on average through 2023.
The slight fall in 2023 contrasts with strong price growth over the past decade, where prices grew at an average annual rate of 10.09%.
Farmland price growth differed between different production zones, with the high rainfall zone experiencing the fastest rate of average annual growth over the last 10 years (10.49%), followed by the wheat-sheep zone (10.04%), followed by the pastoral zone (8.30%).
Check out the interactive online tool. |
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| Aquaculture drives growth
Australian fisheries and aquaculture production is forecast to grow by 0.5% in 2023-24 to $3.56 billion - mostly driven by higher prices of wild-caught rock lobster and higher production volumes for various aquaculture species, including tuna, abalone and oysters.
The value of aquaculture is projected to increase by 5% in real terms to $2.21 billion by 2028–29 which will see it represent 64% of total seafood sector production value.
Prices for salmonids, prawns, abalone and tuna are all expected to ease over this period but higher production volumes, servicing predominantly domestic consumers, will support further growth of the aquaculture sector.
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Graduate applications now open
Calling all graduate economists, data scientists, statisticians and mathematicians.
Applications are now open for the 2025 ABARES graduate program!
Flex your problem-solving skills on the big issues in Australian farming, fisheries and forestry.
Graduates receive industry-leading face-to-face learning and development opportunities, with access to unique and highly rewarding networking experiences and events.
Learn more and apply. Applications close 14 April 2024. |
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 | | We've had representatives at university careers fairs all over the country answering student questions. Economists Christian Creed and Gaby Coulthard at the Tertiary to Work fair at ANU. |
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Help us, help you - product user survey
We are reviewing the way we deliver our products and services.
Your feedback will help enhance the suite of reports, dashboards and publications we produce into the future.
Please share your ideas on what changes we could make to help you access information and to better understand ABARES forecasting, reporting and data.
Click here to Have Your Say. |
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Defining the ag workforce
The agricultural workforce is often only considered to be those who work on-farm.
However, there are a large number of people who support agriculture, or work in the agricultural supply chain, who may also be considered as working in agriculture or agriculture support occupations.
This new ABARES report provides a number of definitions to help identify the agriculture workforce that extends beyond the farm gate. |
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