ABS data shows millions added to the value of the ag industry

The value of Australian agriculture production climbed by more than $100 million in the past quarter, according to the latest data.

Millions of dollars was added to the face value of Australian agriculture in the three months to September, according to latest national account data.

The Australian Bureau of Statistics yesterday reported that the gross national value of the agriculture industry rose 0.9 per cent in the third quarter of this year, based on seasonally adjusted current commodity prices.

The production of agriculture in those terms was $13.04 billion in the latest statistics, compared to $12.9 billion in the previous quarter.

The bureau said the rise was driven by increased livestock production, particularly lamb.

In the 2020-21 financial year, Australian agriculture saw a 17 per cent increase in value to $71 billion.

The Australian Bureau of Statistics yesterday reported that the gross national value of the agriculture industry rose 0.9 per cent in the third quarter of this year. Picture: Zoe Phillips

The Department of Agriculture, Fisheries and Forestry recently forecast the gross value of agriculture production for 2022-23 would hit just shy of a record $85 billion, with an export value of over $72 billion.

An increase of 0.9 per cent on $71 billion is almost $640 million and the corresponding increase on $85 billion is more than $760 million.

That figure is despite inflation squeezing demand and producer incomes.

The snapshot showed the economy grew overall by 0.6 per cent in real GDP to be 5.9 per cent higher than in the same period in 2021.

The news was tempered by Federal Treasurer Jim Chalmers, however, who yesterday warned of “bigger challenges to come” for the economy.

“The (ABS data) show the Australian economy performing solidly in the face of steep headwinds from overseas, as well as considerable and compounding pressures on Australian families and businesses,” he said.

“Our economy has withstood the challenges facing it so far, but we know there are bigger challenges to come. The uncertainties facing our economy are ahead of us, not behind us.”

The Weekly Times has reported a recent drop in the Eastern Young Cattle Indicator and a rapid collapse in mutton prices as a precursor for a drop in the value of lamb.

Overall, the agriculture, forestry and fishing industry collectively fell by 0.4 per cent in September quarter, this was driven by a 9 per cent fall in forestry and fishing that was partly offset by the 0.9 per cent rise in agriculture.

Agriculture was the ninth highest growing industry in the third quarter.