Broadacre Farm Income to Decline Significantly

Income from large-scale farming is forecasted to fall 41 percent.
Broadacre Farm Income to Decline Significantly
This photo shows sheep feeding on lush grass on the property of Australian farmer Kevin Tongue near the rural city of Tamworth in New South Wales, Australia, on May 4, 2020. Peter Parks/AFP via Getty Images
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The Department of Agriculture, Fisheries, and Forestry (DAFF) is expecting average broadacre farm incomes to significantly fall to $197,000 (US$125,000) per farm in 2023-24, due to drier conditions and lower agricultural commodity prices, especially livestock.

The DAFF’s Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) forecast represents a 41 percent decline from $332,000 in 2022-2023 and a 44 percent decline from $350,000 in 2021-2022.
Celene Ignacio
Celene Ignacio
Author
Celene Ignacio is a reporter based in Sydney, Australia. She previously worked as a reporter for S&P Global, BusinessWorld Philippines, and The Manila Times.
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