Agriculture and Farm Accountants Ballarat

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Victoria - Australia

Aug. 12, 2020 - PRLog -- At Sky Accountants Ballarat & Bookkeepers Ballarat, our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at or 1300 328 855 (tel:1300328855)

The agricultural industry in Australia had a challenging year because of the drought throughout much of the broadacre crop growing regions. Rainfall was significantly below the median throughout the country. The sector produced the lowest crop production in the last decade with only 30.4 million tonnes from the 2018 winter crops.

While typically the leader in agricultural production, New South Wales experienced rainfall 45.5% below the median and winter crop production dropped by 60.3%. However, in Western Australia, rainfall was above the historical median and winter crop production was second highest on record with 17.7 million tonnes from 2018.

The livestock industry performed well because of Asian and Chinese demand. Its value increased by 17.7% in the 2017-18 period and while value forecasts for 2018-19 remain unchanged, wool and poultry are still expected to see modest increases. Western Australia is expected to produce the largest quantity of agricultural good, representing 58.3% of all crops nationwide. Production levels were strong because of innovation and new crop strains with higher yields.

New crop varieties like high-yield barley and weed-resistant canola hybrids increased production. Despite low rainfall in June, above average rainfall in July and August saw grain production in Western Australia which exceeded previous forecasts, led by wheat production of 10.1 million tonnes.

The agriculture industry is expected to reach over $100 billion by 2030 but substantial investment in agricultural technologies is needed. Carbon farming, permaculture, protected horticulture and irrigation technology are some of the more important skills in the coming years.

The demand for high quality food has been increasing globally and higher beef prices have led to an increase in beef cattle revenues by 45.8%. Investments allow for further production, maximising opportunities in the growing market. The organic food industry is growing; it has experienced revenue growth by 331.2% in the five years to 2018 and consumers are still increasingly demanding for more environmentally sustainable and healthier food. Revenue is expected to double to $1.6 billion by 2024.

Despite these challenges, the Australian agricultural industry outlook remains positive with revenue expected to increase by 7.5% over the next five years. Revenue is expected to reach $102.6 billion in 2023.

Agriculture and Farm Accountants Ballarat

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