Disaggregating farm performance statistics by size, 2018–19
Christopher Boult
Overview
Size is an important determinant of farm business performance. Larger farms tend to be more profitable, invest more, and generate a higher rate of return on capital than smaller farms. Moreover, larger farms have more capacity to reduce their marginal costs through scale, and a greater ability to invest in productivity-enhancing capital additions. These factors have driven a trend in Australian agriculture in recent decades towards fewer, but larger farm businesses. An important consequence of this trend is that industry level farm performance is increasingly driven by the performance of the largest farms.
This article presents farm performance statistics for different farm business sizes based on farm revenue. Each category or ‘decile’ represents 10% of the farm population in each industry or region, ranked from smallest to largest based on farm revenue.
The statistics presented in the tables below include the following variables:
- Share of total output produced
- Total cash receipts
- Total cash costs
- Profit at full equity
- Total capital as at the beginning of the financial year
- Net capital additions
- Rate of return on capital, including capital appreciation
- Farm business equity ratio
The statistics in this article are intended to complement the publication of ABARES farm performance statistics. Farm survey definitions and methods used to produce these statistics are available on the ABARES website. For further analysis and information about the design of these statistics see Boult and Jackson (2019).
This article provides statistics sourced from the following ABARES farm surveys:
- Australian Agricultural and Grazing Industries Survey (AAGIS)
- Australian Dairy Industry Survey (ADIS)
- Survey of Australian Vegetable Growing Farms
Farms in the broadacre, dairy and vegetable industries are separated into size deciles based on farm total cash receipts—a measure of total revenue received by the business in a given financial year. Statistics for the broadacre industry are further split into the sub-industries of wheat and other crops, beef, sheep, mixed cropping–livestock, and sheep–beef. The cropping industry is separated into the Grains Research and Development Corporation Western, Northern and Southern regions (Map 1) and the beef industry into the Meat & Livestock Australia Northern and Southern regions (Map 2). Data are presented in 13 tables according to classification by industry and region.
Farm performance varies significantly from year to year, reflecting volatility in seasonal conditions and commodity prices. Therefore, data are averaged over 2016–17 to 2018–19 to provide a more meaningful measure of farm performance than would be provided by a single year.
Key points for 2016–17 to 2018–19
- The largest 10% of broadacre farms produced 48% of total output, while the smallest 50% of farms produced 11% of total output.
- The average rate of return including capital appreciation by the largest 10% of broadacre farms was 8.3%, while the average for the smallest 10% of farms was –4.2%.
- The beef industry was the most concentrated broadacre industry, with the largest 10% of farms producing over half of total industry output in the 3 years to 2018–19. This is especially pronounced for beef farms in northern Australia, where farms in the top decile are over twice as large, and around 7 times as profitable as their counterparts in southern Australia.
- Farm size differences were largest in the vegetables industry. Those in the largest decile produced around 150 times more output than farms in the smallest decile.
- Output was most equally distributed in the dairy industry. Nonetheless, the largest 10% of farms used more than 5 times the capital to produce more than 13 times the output of the smallest 10% of farms.
[expand all]
Statistical Tables
Broadacre industries
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 0.7 | 41,474 | 53,984 | –65,427 | 1,345,251 | 3,944 | –4.2 | 94.9 |
2 | 1.2 | 69,414 | 63,049 | –52,180 | 2,227,478 | 24,492 | –0.9 | 97.6 |
3 | 1.9 | 111,489 | 79,776 | –38,450 | 2,773,894 | –7,379 | 0.1 | 96.1 |
4 | 2.8 | 169,210 | 132,849 | –36,257 | 2,843,207 | 3,773 | 1.8 | 94.1 |
5 | 4.0 | 238,198 | 168,327 | –19,598 | 3,341,539 | 16,271 | 3.7 | 94.7 |
6 | 5.5 | 325,459 | 227,557 | –12,227 | 4,354,915 | 40,664 | 4.1 | 92.9 |
7 | 7.5 | 448,517 | 307,088 | 32,695 | 5,310,450 | 96,698 | 3.2 | 89.7 |
8 | 11.1 | 663,221 | 442,646 | 107,018 | 6,819,593 | 95,817 | 5.9 | 89.4 |
9 | 17.7 | 1,059,733 | 709,906 | 257,352 | 9,865,974 | 153,512 | 7.8 | 86.8 |
10 | 47.7 | 2,852,116 | 1,922,877 | 770,777 | 18,056,829 | 399,011 | 8.3 | 81.3 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 0.6 | 69,596 | 66,475 | –53,678 | 1,479,797 | 116,450 | –3.8 | 93.0 |
2 | 1.5 | 205,312 | 146,530 | –24,316 | 2,641,397 | –20,298 | 1.9 | 91.2 |
3 | 2.6 | 339,268 | 235,634 | –15,006 | 3,689,472 | –61,764 | 6.3 | 94.5 |
4 | 3.7 | 494,699 | 338,089 | 78,623 | 3,915,284 | 84,883 | 7.0 | 84.8 |
5 | 5.3 | 663,721 | 457,277 | 119,140 | 5,433,815 | 5,409 | 7.0 | 82.0 |
6 | 6.9 | 932,386 | 663,905 | 185,459 | 7,073,254 | 94,403 | 5.8 | 85.5 |
7 | 9.9 | 1,306,507 | 886,505 | 290,783 | 8,716,070 | 435,084 | 8.8 | 82.8 |
8 | 13.9 | 1,832,033 | 1,248,191 | 506,475 | 11,693,148 | 392,564 | 8.7 | 79.3 |
9 | 19.6 | 2,512,948 | 1,583,443 | 713,309 | 12,009,451 | 450,237 | 10.9 | 81.2 |
10 | 36.1 | 4,885,327 | 3,140,397 | 1,673,363 | 20,785,196 | 393,247 | 11.8 | 76.9 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 1.1 | 34,107 | 48,893 | –52,989 | 1,469,713 | 2,979 | –2.8 | 93.9 |
2 | 1.3 | 52,152 | 62,270 | –76,672 | 1,607,628 | 8,974 | –3.4 | 99.7 |
3 | 1.8 | 67,545 | 46,543 | –36,949 | 2,336,641 | 8,622 | –0.7 | 98.8 |
4 | 2.3 | 87,455 | 69,262 | –33,766 | 2,071,404 | 4,270 | 0.0 | 97.2 |
5 | 3.0 | 111,788 | 69,808 | –32,114 | 3,568,983 | 4,001 | 0.4 | 98.9 |
6 | 4.2 | 151,912 | 127,401 | –27,845 | 3,230,666 | –14,009 | 1.3 | 93.8 |
7 | 6.0 | 226,689 | 171,667 | –45,709 | 4,223,610 | 18,723 | 2.7 | 94.5 |
8 | 8.8 | 330,465 | 250,484 | –40,649 | 5,470,164 | 52,070 | 2.0 | 92.8 |
9 | 14.5 | 537,209 | 370,297 | 58,939 | 8,177,284 | 69,643 | 3.6 | 90.8 |
10 | 57.1 | 2,121,126 | 1,462,713 | 511,798 | 20,668,604 | 388,879 | 5.4 | 86.2 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 1.3 | 44,380 | 64,168 | –86,532 | 941,377 | 4,810 | –11.2 | 88.2 |
2 | 2.3 | 90,151 | 72,684 | –58,014 | 2,662,005 | 1,020 | 2.3 | 96.3 |
3 | 3.2 | 128,231 | 106,100 | –57,634 | 2,003,969 | 13,965 | –1.1 | 92.9 |
4 | 4.9 | 176,955 | 132,146 | –11,009 | 2,533,979 | 12,479 | 2.6 | 90.8 |
5 | 6.4 | 236,121 | 155,380 | 19,426 | 2,691,745 | 27,215 | 9.4 | 94.6 |
6 | 6.8 | 274,326 | 175,259 | 10,853 | 3,318,720 | 37,724 | 3.3 | 94.4 |
7 | 9.8 | 345,695 | 224,241 | 13,961 | 3,863,741 | 83,225 | 7.0 | 93.4 |
8 | 11.2 | 454,704 | 298,017 | 38,964 | 5,715,266 | 162,444 | 2.9 | 91.4 |
9 | 17.4 | 651,962 | 420,314 | 84,718 | 5,690,127 | 61,216 | 5.8 | 92.9 |
10 | 36.7 | 1,392,205 | 875,683 | 382,963 | 12,385,841 | 104,977 | 8.7 | 88.3 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 1.2 | 80,241 | 70,572 | –48,763 | 1,597,070 | 28,765 | –4.4 | 96.5 |
2 | 2.1 | 180,389 | 150,566 | –55,029 | 2,501,783 | –36,205 | 0.6 | 94.3 |
3 | 3.8 | 288,790 | 178,560 | –5,947 | 3,767,752 | 45,955 | 4.3 | 91.5 |
4 | 4.7 | 376,479 | 258,099 | 5,656 | 4,183,873 | 93,098 | 2.8 | 88.1 |
5 | 7.3 | 487,290 | 315,319 | 81,141 | 5,541,597 | 47,251 | 5.0 | 91.5 |
6 | 7.0 | 644,527 | 428,408 | 97,688 | 4,325,892 | 277,606 | 6.6 | 83.2 |
7 | 10.5 | 792,742 | 517,185 | 160,366 | 7,062,572 | 69,312 | 6.9 | 88.2 |
8 | 13.3 | 1,008,348 | 669,010 | 216,221 | 8,205,207 | 209,050 | 7.1 | 86.4 |
9 | 17.4 | 1,397,180 | 917,785 | 388,603 | 10,176,931 | 138,141 | 8.9 | 85.5 |
10 | 32.8 | 2,556,760 | 1,797,437 | 630,895 | 17,272,730 | 360,575 | 9.2 | 79.8 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 2.1 | 116,393 | 92,116 | –85,438 | 2,963,865 | –121,094 | 0.6 | 99.3 |
2 | 4.3 | 182,929 | 142,526 | –40,715 | 2,932,353 | 13,693 | 1.3 | 89.7 |
3 | 3.4 | 218,153 | 173,451 | –68,835 | 3,371,114 | 18,780 | 0.7 | 96.5 |
4 | 3.8 | 248,584 | 157,573 | –47,098 | 3,080,640 | –30,165 | 2.0 | 98.0 |
5 | 5.1 | 292,165 | 226,781 | –39,051 | 3,367,075 | 16,115 | 2.0 | 96.7 |
6 | 7.4 | 391,730 | 302,933 | –35,275 | 3,863,384 | 126,861 | 1.8 | 91.2 |
7 | 8.2 | 484,368 | 325,505 | 67,798 | 6,541,049 | 17,033 | 4.8 | 91.2 |
8 | 12.0 | 660,919 | 437,799 | 60,271 | 7,208,928 | 23,228 | 6.4 | 90.5 |
9 | 16.9 | 918,519 | 669,926 | 169,804 | 11,646,646 | 252,698 | 9.2 | 88.0 |
10 | 36.8 | 2,131,436 | 1,687,119 | 304,607 | 19,884,019 | –8,420 | 7.9 | 85.5 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Broadacre regions

Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 1.2 | 173,674 | 112,725 | –25,343 | 1,584,709 | 7,308 | 0.8 | 99.6 |
2 | 2.5 | 354,451 | 232,016 | 69,507 | 4,508,313 | 94,830 | 3.7 | 90.3 |
3 | 4.1 | 493,741 | 301,467 | 130,585 | 3,780,123 | 6,078 | 5.1 | 94.5 |
4 | 3.4 | 631,289 | 408,964 | 76,949 | 4,251,844 | –124,632 | 3.3 | 88.1 |
5 | 5.4 | 770,840 | 439,656 | 229,339 | 5,497,571 | 48,637 | 8.3 | 94.3 |
6 | 6.2 | 949,263 | 628,998 | 261,460 | 6,114,760 | 193,757 | 4.7 | 85.1 |
7 | 10.4 | 1,424,911 | 937,619 | 400,116 | 7,584,474 | 228,722 | 7.1 | 85.4 |
8 | 13.2 | 1,995,838 | 1,332,145 | 528,270 | 10,147,911 | 281,138 | 7.4 | 79.4 |
9 | 19.1 | 2,817,365 | 1,813,585 | 908,746 | 10,172,871 | 318,056 | 11.1 | 75.5 |
10 | 34.6 | 5,058,861 | 3,157,454 | 1,811,732 | 18,002,175 | –146,263 | 14.3 | 77.6 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 0.8 | 52,432 | 46,904 | –59,888 | 1,397,062 | 18,818 | –5.3 | 96.1 |
2 | 1.5 | 91,094 | 75,899 | –51,622 | 2,413,050 | 7,697 | 1.6 | 97.7 |
3 | 2.7 | 169,122 | 138,044 | –14,977 | 2,744,236 | 43,046 | 5.5 | 93.0 |
4 | 3.6 | 236,798 | 158,559 | 11,158 | 2,945,685 | 17,935 | 5.4 | 90.6 |
5 | 5.0 | 302,059 | 214,881 | –7,709 | 3,899,345 | 38,690 | 2.7 | 91.1 |
6 | 6.2 | 400,535 | 270,313 | 49,028 | 4,687,147 | 139,650 | 4.8 | 93.7 |
7 | 9.0 | 571,741 | 370,502 | 120,409 | 6,188,108 | 141,938 | 4.9 | 89.8 |
8 | 13.4 | 841,866 | 568,652 | 177,164 | 8,708,919 | 157,749 | 5.4 | 89.5 |
9 | 19.3 | 1,210,025 | 821,769 | 352,850 | 10,100,886 | 171,399 | 10.1 | 85.4 |
10 | 38.4 | 2,428,266 | 1,565,148 | 823,694 | 17,403,253 | 627,952 | 10.0 | 84.8 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 0.9 | 62,046 | 102,137 | –93,478 | 2,785,442 | 59,846 | –1.3 | 92.9 |
2 | 2.1 | 147,606 | 120,295 | –59,964 | 2,244,009 | –20,477 | –1.9 | 94.0 |
3 | 3.6 | 227,280 | 176,874 | –59,233 | 3,293,782 | 1,739 | 1.9 | 93.4 |
4 | 4.1 | 288,389 | 219,254 | –77,895 | 4,410,311 | 98,050 | 1.6 | 96.2 |
5 | 4.8 | 362,272 | 272,593 | –52,695 | 4,686,092 | –47,004 | 5.3 | 92.1 |
6 | 6.8 | 473,723 | 361,011 | –31,351 | 5,770,516 | 90,439 | 3.1 | 85.6 |
7 | 8.9 | 627,341 | 435,092 | 32,461 | 6,182,205 | 53,815 | 6.3 | 86.7 |
8 | 11.9 | 809,944 | 581,462 | 101,782 | 8,729,216 | 182,763 | 6.6 | 86.4 |
9 | 16.9 | 1,220,150 | 901,726 | 178,594 | 11,791,985 | 220,849 | 8.4 | 85.0 |
10 | 40.0 | 2,800,975 | 2,088,446 | 467,262 | 21,109,585 | 460,827 | 7.5 | 77.5 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey

Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 1.9 | 37,428 | 47,220 | –44,578 | 1,518,494 | 4,159 | –1.7 | 98.6 |
2 | 2.2 | 51,191 | 73,162 | –85,597 | 1,421,835 | 8,178 | –4.0 | 99.7 |
3 | 2.5 | 64,521 | 40,222 | –34,079 | 2,390,953 | 1,481 | –1.4 | 99.4 |
4 | 3.3 | 81,596 | 61,221 | –30,044 | 1,963,651 | 278 | 1.6 | 97.9 |
5 | 4.3 | 99,466 | 73,832 | –58,931 | 2,096,183 | 9,244 | 0.9 | 97.6 |
6 | 5.2 | 122,123 | 85,457 | –14,503 | 4,212,307 | –9,014 | 0.6 | 96.8 |
7 | 6.8 | 163,837 | 136,177 | –45,533 | 3,432,564 | –26,189 | 0.7 | 98.1 |
8 | 10.8 | 241,741 | 171,748 | –7,095 | 3,948,126 | 23,924 | 3.8 | 95.8 |
9 | 15.3 | 375,041 | 308,052 | –59,702 | 6,205,504 | 115,251 | 1.6 | 93.2 |
10 | 47.7 | 1,117,624 | 848,297 | 127,514 | 13,012,400 | 233,938 | 4.5 | 88.5 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 0.5 | 27,758 | 48,639 | –67,678 | 1,338,484 | 6,937 | –4.5 | 87.6 |
2 | 1.0 | 57,334 | 48,008 | –48,097 | 2,239,823 | 24,437 | –1.7 | 97.0 |
3 | 1.2 | 76,202 | 67,489 | –43,825 | 1,937,572 | 8,358 | –2.1 | 92.4 |
4 | 1.9 | 111,593 | 67,659 | –11,540 | 3,195,114 | –8,823 | 0.0 | 95.3 |
5 | 2.9 | 176,310 | 154,421 | –52,948 | 4,048,341 | 24,828 | 1.9 | 91.6 |
6 | 4.4 | 258,829 | 169,547 | –25,027 | 4,315,018 | 22,306 | 1.5 | 97.0 |
7 | 6.0 | 354,021 | 224,416 | 16,443 | 6,349,328 | 36,034 | 2.4 | 92.8 |
8 | 8.2 | 503,075 | 338,980 | 101,308 | 7,202,982 | 108,939 | 5.2 | 88.1 |
9 | 14.2 | 851,309 | 515,746 | 247,464 | 12,261,679 | 105,078 | 5.9 | 88.9 |
10 | 59.7 | 3,550,091 | 2,417,462 | 896,467 | 30,907,481 | 515,416 | 5.1 | 84.3 |
Note: Per farm averages for each size decile
Source: ABARES Australian Agricultural and Grazing Industries Survey
Dairy industry
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 2.3 | 184,142 | 183,820 | –133,305 | 2,084,285 | –8,285 | –4.1 | 97.7 |
2 | 3.1 | 274,789 | 284,182 | –93,540 | 3,454,566 | –72,950 | 1.7 | 93.4 |
3 | 4.9 | 419,218 | 346,805 | 3,777 | 3,346,730 | 21,406 | 1.8 | 90.5 |
4 | 5.9 | 508,605 | 467,498 | 17,151 | 3,147,667 | 20,783 | 3.1 | 75.1 |
5 | 7.6 | 570,117 | 479,727 | 41,849 | 3,716,880 | 81,810 | 1.5 | 83.6 |
6 | 7.5 | 727,226 | 559,854 | 103,865 | 4,548,485 | 194,206 | 5.0 | 82.9 |
7 | 10.2 | 867,044 | 732,062 | 88,888 | 5,725,415 | 69,680 | 1.9 | 78.2 |
8 | 12.3 | 1,056,987 | 858,568 | 187,113 | 5,549,562 | 88,788 | 5.3 | 75.5 |
9 | 17.1 | 1,426,463 | 1,189,595 | 233,210 | 7,864,532 | 86,639 | 5.8 | 76.7 |
10 | 29.1 | 2,519,687 | 2,169,585 | 386,611 | 11,583,563 | 351,437 | 5.0 | 74.6 |
Note: Per farm averages for each size decile
Source: ABARES Australian Dairy Industry Survey
Vegetables industry
Size Decile | Output share (%) | Cash receipts ($) | Cash costs ($) | Farm business profit ($) | Capital ($) | Net capital additions ($) | Rate of return (%) | Equity ratio (%) |
---|---|---|---|---|---|---|---|---|
1 | 0.5 | 64,071 | 80,560 | –95,328 | 1,198,656 | 4,819 | –7.4 | 93.2 |
2 | 0.6 | 95,362 | 106,030 | –69,417 | 1,289,724 | 38,728 | –2.4 | 89.8 |
3 | 1.1 | 158,296 | 118,739 | –39,183 | 2,032,728 | –781 | –0.8 | 96.9 |
4 | 1.7 | 246,562 | 183,780 | –20,591 | 2,339,961 | 23,137 | –0.2 | 93.4 |
5 | 2.3 | 321,762 | 234,251 | –1,171 | 2,646,265 | 427 | 1.1 | 97.4 |
6 | 3.1 | 439,615 | 313,209 | 32,014 | 3,198,893 | 1,814 | 3.4 | 94.0 |
7 | 4.4 | 632,196 | 444,415 | 79,274 | 3,806,635 | 79,468 | 3.2 | 92.1 |
8 | 6.3 | 911,922 | 652,899 | 158,359 | 4,896,331 | 53,595 | 6.9 | 89.9 |
9 | 12.7 | 1,825,947 | 1,390,915 | 307,550 | 8,224,979 | 101,468 | 6.9 | 85.7 |
10 | 67.3 | 9,607,401 | 7,859,748 | 1,653,799 | 16,073,224 | 295,140 | 12.1 | 81.6 |
Note: Per farm averages for each size decile
Source: ABARES Survey of Australian Vegetable Growing Farms
References
Boult, C & Jackson, T 2019, ‘Disaggregating farm performance statistics by size, 2017–18’, in Agricultural Commodities: March quarter 2019, Australian Bureau of Agricultural and Resource Economics and Sciences, Canberra.