THE economic outlook for Australian agriculture was presented to regional farmers and agricultural organisations at the first Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) conference yesterday.
The global economy, the importance of research and development, innovative agriculture, water and land management and climate data were among the issues discussed.
Regional representatives at the conference included Mullaley-based outgoing Grains Research and Development Corporation chairman Keith Perrett, Tamworth-based Guy Hebblewhite from Nuffield Australia, Uralla farmer Tim Wright, Innovate Ag Research owner Richard Heath and Wee Waa-based Namoi Catchment Management Authority chairman Conrad Bolton.
ABARES chief commodity analyst Jammie Penm said the conference presented preliminary research results on the international and national issues that were expected to affect agriculture in the Tamworth region.
Among those issues are the uncertainty of the outlook of major export target China due to the leadership change, the volatility of the Australian dollar, and the effects of the improving United States drought.
“Every one US cent depreciation of the Australian dollar will increase the farming sector’s income by about $200 million,” Mr Penm said.
“Farmers should expect to get less for their commodities because of the improving drought conditions, but any losses will be offset by the depreciation of the Australian dollar.”