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Bigger sheep farms to fare better
18 Mar 2003
The Australian Bureau of Agricultural & Resource Economics says farm cash incomes from sheep enterprises will average $58,000 in 2002-2003, compared with $57,200 in 2001-2002. Higher prices for wool and increased sales from flock reductions will more than offset increased feeding costs and lower production, ABARE expects.
Farms with more than 3,000 sheep should see annual incomes rise by 11 per cent to $108,300, compared with the average cash income for all broadacre farms which will fall to $40,000 from $105,900.
Details of the agricultural sector's financial performance were released by ABARE in its latest farm survey, undertaken in November 2002. The figures underline the crippling effect the drought is having on farm finances directly, and indirectly on regional economies.
The "wheat and other cropping" sector is faring the worst, where farm cash incomes will fall 85 per cent to $31,000 from 2001-2002's record $206,000. Second worst is the dairy sector, where incomes will fall 83 per cent to $17,000 this year from $105,700 in 2001-2002. Specialist beef farms will see a drop in income of 70 per cent, while mixed livestock/crops and sheep/beef farms will experience drops in incomes of 54 per cent to $54,000 and 28 per cent to $43,000 respectively.
Farm debt levels are expected to rise five per cent this year on average across all broadacre farms, similar to the increase recorded during the 1982-1983 drought.
Stock & Land, 13/3/03.
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