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Farmer confidence at 12-month low
30 Mar 2004
The February 2004 quarter Rabobank Rural Confidence Survey shows that Australian farmers' confidence has fallen to its lowest level in over a year, and that most farmers do not believe the US-Australia Free Trade Agreement will benefit them.
The number of farmers with a negative outlook has increased: 31 per cent now expect conditions to worsen over the next year. Just one quarter now believes the agricultural economy will improve in the next 12 months, down six per cent from the previous survey.
Rabobank said the main factors affecting confidence levels were the strong $AUD and volatile commodity markets. Two-thirds of farmers with a negative outlook cited the strong currency and 28 per cent cited falling commodity prices. Only one third of farmers believe the FTA will have a positive effect.
Confidence levels varied between states and industries, with NSW farmers and beef producers showing the most optimism.
The Age, 30/3/04.
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