THE OUTLOOK FOR AUSTRALIAN AGRICULTURE IN 2018/19:
* The volume of farm production is forecast to fall six per cent in 2018/19 compared with the year before, on the back of the drought in eastern states.
* Australian farmers are expected to produce $58 billion worth of goods, with that value down by four per cent from the previous year.
* The average income for all broadacre farms – those with large-scale crops – is projected to fall by 18 per cent from $201,300 per farm in 2017/18 to $173,000 in 2018/19.
* That is still well above the 10-year average of$140,000 per farm.
* Export earnings are expected to decline by six per cent in 2018/19, and could cut national economic growth in the year by 0.2 percentage points.
* Higher commodity prices and the weak Australian dollar have been supporting export returns.
* Threats to export earnings have increased, including trade tensions between the United States and China and increasing competition in many important markets.
(Source: Australian Bureau of Agricultural and Resource Economics and Sciences)