Australian Farmers Set to Achieve Record $73 Billion Season

Australian agricultural producers are expecting a record-breaking harvest this season due to a perfect combination of price increases and higher production volumes. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) upgraded its 2021-22 financial year agriculture forecast to $73 billion (the U.S.$53.5 billion). It will be the first time Australia’s gross agriculture value surpassed $70 billion if realised. Agriculture Minister David Littleproud said he was confident that the sector would be able to hit the $70 billion mark at the very least. “We had a cracking year last year but this year we’re going to set new records,” Littleproud told the ABC. “We’re for the first time going to get over 70 billion.” ABARES notes that the sector will greatly benefit from a “remarkable combination of events” of favourable domestic seasonal conditions and unfavourable overseas conditions. Domestically, Australian farmers have enjoyed widespread favourable growing weather conditions leading …

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