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.