The gross value of agricultural production is forecast to rise by 7 per cent to $65 billion in 2020-21.
Agriculture Minister David Littleproud said it was testament to resilience of farmers, better seasonal conditions and key support measures applied by the Australian Government.
“Growth is driven by drought recovery with Australia’s second largest winter crop, the best ever in NSW, a favourable outlook for summer cropping, and high livestock prices,” Minister Littleproud said.
“This is an outstanding result for the farming sector that has helped stay on an even keel despite all the challenges 2020 has thrown at us.
“Australians should be justly proud that the farming has achieved this year. Now more than ever we know the importance of the agriculture sector to our economy.
“From day one of the pandemic the Australian Government recognised that agriculture was essential and worked to ensure that COVID-safe plans were in place, supply chains remained open and moved to help secure the agriculture workforce.
“These latest ABARES forecast is a testament to the effectiveness of those actions and the resilience of our farming sector.
“As we and the global economy recovers from COVID-19, it will be agriculture once again leading the way.
Minister Littleproud said trade tensions and the agriculture workforce will present challenges to our farming sector.
“I am particularly concerned at the potential impacts of China’s decisions to impose anti-dumping and countervailing duties on barley and the recent impost of provisional anti-dumping duties on Australian wine.
“But I am buoyed by this latest forecast. In October I laid out the Government’s Ag2030 Strategy to support the industry target of $100 billion and I am committed to supporting Australian agriculture to reach its full potential.