The value of agriculture in 2025-26 is expected to be the third highest on record at $91 billion.
Including fisheries and forestry, ABARES expects the sector to reach $98 billion, according to Executive Director Dr Jared Greenville.
“While this is slightly down on an exceptional 2024-25, particularly strong results are forecast for livestock and livestock products – expected to reach a new record value of $40 billion,” Dr Greenville said.
“Demand for red meat is reflected in both strong export volumes and rising export prices, which has led to the total value of meat exports expected to hit $22 billion this financial year.
“Agricultural exports are also looking healthy next year, with the value forecast to remain relatively steady at $72 billion – or $77 billion if we include fisheries and forestry.
“On the cropping front this year, national winter crop production is estimated to have increased to 59.8 million tonnes in 2024–25, 27% above the 10-year average and the third largest on record.
“Summer crop production is predicted to fall slightly in 2024–25 but will remain 28% above the 10-year average at 4.7 million tonnes.
“Conditions for winter crops were favourable across most of New South Wales and Queensland with timely rainfall in Western Australia. However, both Victoria and South Australia faced poor seasonal conditions resulting in lower crop yields.
“Based on the back of these livestock and cropping trends, average farm financial performance is estimated to increase for broadacre farms.
“On average, national broadacre farm cash income is forecast to rise by $89,000 in 2024–25 from $124,000 to $213,000, mostly driven by higher livestock prices and greater crop production.
“Next financial year average farm incomes are expected to increase further, to $262,000 per farm as input costs ease and higher prices support both crop and livestock receipts.
“That said, dry conditions in parts of South Australia and Victoria led to below-average farm financial performance in 2024–25 in those regions, but they are turning a corner. Improving climate conditions in these states are expected to lift production and profitability next financial year.”
