Agriculture Overview 2023

10 January 2024

Agriculture Overview 2023

With another year passing, it has been an interesting time for agriculture with many changes happening through the year with unpredictable weather patterns, fires, floods, water scarcity, and market fluctuations.

Australia is known for producing a wide range of agricultural products; with 55% of Australia’s land being used for agriculture purposes, including wheat, barley, beef, wool, dairy, fruits, and vegetables. Australia has been increasingly focused on sustainability, retaining practices that are minimising environmental impact while enhancing productivity, profitability, and production of the land. 

The gross value of Australia production has been forecast to fall between $16 billion and $17 billion for 2023-2024, this is still the third highest results on record. There has been a fall in agricultural production driven by lower crop production values and weather uncertainty. Low crop yield has also impacted livestock yield and growth with farmers unable to condition their stock, with the livestock market dropping in conjunction. With the demand for feedout machines, like the Haymate Range declining. The low saleyard prices pose significant challenges for farmers, with livestock turn-off, reduced restocker demands, and lower buyer demand, triggered by the sudden shift to crop yield from having drier seasonal. The average national indicator prices show that cattle have fallen 59%, lamb are down 40%, and mutton are down 75% compared to October 2022. While there has been some rainfall in drier parts of Australia, the average rainfall remains below the levels in 2022-2023, with fodder continuing being in a high demand for both livestock producers and feedlots.  In southern Australia, the availability of good quality pasture remains high, reducing fodder demand. Some of these pastures are being conserved as silage and hay, feedout by the Haymate Range, increasing supply and lowering prices. Although the fall in pricing present challenging conditions, it is consistent with historical cyclical patterns. 

The total agriculture, fisheries and forestry export is forecasted to be down $11 billion from a record $78 billion in 2023-2024, this is a reflection of lower crop values also, this is a 17% fall for Australia’s exporting income. All agriculture products are forecast to fall dramatically, Beef and Veal production values to fall $3 -$12.1 billion, Lamb and Sheep production values to fall $900 million – 3.7 billion, Milk and Wool production values to fall $5.9 billion and $2.9 billion, in contrast Pigs, Poultry, and Egg production values are forecast to increase to $6.8 billion from $239 million in 2022-2023 reflecting robust demand for chicken meat. 

With the embrace for further advancements in technology to improve efficiency, profitability, production and sustainability, the agricultural community in Australia is continuing to evolve. The Haymate Range wouldn’t be possibly without the ever-evolving agricultural technology. The agriculture sector sees a mixture of challenges and opportunities each year, with the understanding of the specific circumstances and market conditions at each given time. Factors like seasonal variations, regional conditions and specific livestock sectors, can all widely impact Australia’s Agriculture industry and market.


Snapshot of Australian Agriculture 2023


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