Hotter, drier days caused by a looming El Nino weather pattern are forecast to wipe $12 billion off the value of agricultural production this financial year.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) expects less rain and a projected drop in global commodity prices to cause the value of agricultural output to fall 14 per cent to $80 billion this financial year.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
