Agriculture overview: September quarter 2018

​​​​World economic growth is assumed to be 3.9% in 2018 and 2019

  • In 2018–19 the value of farm production is forecast to be relatively unchanged at $60 billion.
  • Export prices are forecast to increase by around 3% in 2018–19, driven by a decline in the global supply of grains and strong demand for meat products.
  • Downside risks to Australian agriculture include the duration of the drought and a possible disruption to world agricultural markets due to protectionist trade measures.
  • Dry conditions are affecting agricultural production in eastern Australia, but strong forecast production in Western Australia, rising grain prices, high livestock prices and a lower Australian dollar are providing support to farm incomes.

Real value of farm production, 1994–95 to 2018–19
In 2018–19 the value of agricultural production is forecast to be relatively unchanged at $60 billion. The value of production is above the 10-year average of $56 billion (in 2018–19 dollars). Crop production is forecast to be $30 billion and livestock and livestock products are forecast to be $30 billion.

f ABARES forecast.
Sources: ABARES; Australian Bureau of Statistics

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Last reviewed:
18 Sep 2018