March 1, 2013
The average broadacre farm income is forecast to slip slightly to $110,000 per farm in 2012-13, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES). ABARES predicts in its latest report, Agricultural commodities–December quarter 2012 that farm cash income will be down slightly from the $111,400 per farm estimated for 2011-12. This result would put broadacre farm cash income for 2012-13 at around 32 per cent above the 10 year average to 2011-12 of around $83,000 (in real terms). Farm exports are expected to continue leading the way for the agricultural sector, again reaching $36m but dropping slightly from the $36.4m of 2011-12. This would put farm export earnings for 2012-13 at around 24 per cent higher than the average of $29 billion (in nominal terms) recorded over the five years to 2010-11.