The gross value of Australian farm production in 2016-17 was $60 billion and is forecast to remain the same in 2018-19.
On average Australian farmers export 77% of what they grow and produce. In 2016-17 this earned the country $44.8 billion, an increase from $38 billion in 2012-13.
The value of our farm exports, and the future of Australian agriculture, depends largely on conditions in overseas markets, due to our high level of exports.
Australian farmers remain internationally competitive through efficiencies and productivity growth. No other industry has added more to Australia’s GDP growth in the last year than agriculture.
Our top agricultural exports last year were beef ($8.3 billion), wheat ($5.1 billion), wool ($3.3 billion).
The top export markets are China, Japan, the European Union, the United States, Korea and Indonesia.
Recent trade deals, including with China, Japan and Korea, have created new export opportunities.
Australian farmers and graziers are among the most self-sufficient in the world and the least subsidised, with Government support for Australian farms representing 1% of farming income. In comparison, Government support in Norway is 62%, Korea 49%, China 21%, European Union 19% and the United States 9%.
Last year, Australian farmers invested $334 million in research & development. Innovation is vital to the growth, profitability and sustainability of Australia’s agricultural industry. ABARES calculates that a $1 public investment in RD&E leads to $12 in community benefits generated by farmers in the long-term.