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Drought shrinks farm incomes
19 Dec 2006
Farm incomes have dropped to their lowest level since ABARE started its farm surveys almost three decades ago. Half of Australia’s farmers are predicted to make a loss this financial year, with the average farm losing $64,568. Crop production is expected to fall to 62 per cent and stock prices are decreasing as farmers sell off stock as feed runs short. According to Terry Sheales, ABARE chief commodity analyst, the gross value of farm production was forecast to fall 19 per cent to $31.4 billion this financial year, while farm export earning would drop by 8 per cent to $25.4 billion.
The Australian, 19/12/2006
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