The value of Australia’s farm products is about to hit $60 billion for the first time

Ian Waldie/Getty Images

The weather, despite bushfires in some states and floods in others, is aligning to product record crops and best herds.

The value of Australia’s farm production is about to pass $60 billion for the first time.

Analysts at ABARES (Australian Bureau of Agricultural and Resource Economics and Sciences) say the rise in value is boosted by improved prospects for livestock and crops.

Total farm production is forecast to rise by 3% to reach $60.3 billion in 2016–17, following an estimated increase of 9% to $58.7 billion in the current financial year.

The value of livestock production is expected to be $30.8 billion next financial year, up from $30.3 billion, and crop production to rise by 4% to $29.5 billion.

The figures were released today in the March issue of Agricultural Commodities at the ABARES Outlook conference in Canberra.

Here are the ABARES forecasts in detail:

ABARES farm export forecasts.

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