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2023/24 Australia's agricultural production expected to decline 15% to $80bn, with a 6% rebound in 2024/25, according to ABARES.
Australia's agricultural production is expected to decline by 15% to $80bn in 2023/24, but is set to rebound slightly in 2024/25 with a small increase of up to 6%, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
This follows a year of extremes, including heavy rains and stifling heat that impacted crop production.
Should the current forecast hold true, Australia is still on track to achieve its goal of building the agricultural sector's worth to $100bn by 2030.
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