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Aussie farmers set to lose $36bn

  • February 08 2021
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Invest

Aussie farmers set to lose $36bn

By Cameron Micallef
February 08 2021

Geopolitical tensions between Australia and China and the recent disruption caused by the COVID-19 pandemic are set to cost Australian farmers $36 billion over the next decade, new research has revealed.

Aussie farmers set to lose $36bn

Aussie farmers set to lose $36bn

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  • February 08 2021
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Geopolitical tensions between Australia and China and the recent disruption caused by the COVID-19 pandemic are set to cost Australian farmers $36 billion over the next decade, new research has revealed.

Aussie farmers set to lose $36bn

The National Farmers’ Federation (NFF) is pushing the government to create a national long-term development agriculture trade strategy in the 2021 budget, to help offset the losses the industry is likely to face.

“To counter these headwinds, a long-term trade strategy that deepens access to existing markets, diversifies export destinations, improves supply chains and builds domestic value-adding capabilities is a must,” National Farmers’ Federation CEO Tony Mahar said.

The NFF said it was “increasingly and extremely worried” about holes in the biosecurity net needed to protect farm production and maintain Australia’s reputation as a provider of clean and green food. 

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“Biosecurity is also key to maintaining and expanding our export markets. Alarmingly, our current system risks not being up to the job, without adequate investment in its expansion and modernisation.

Mr Mahar opined that the government has a one-in-100-year opportunity to put serious investment and strategic planning towards the revitalisation of regional Australia.

“The NFF is backed by other leading industry voices in our call for the development of 20 place-based development precincts across regional Australia. And key to regional Australia reaching its potential is access to quality telecommunications. 

The NFF is also asking for more than $400 million over the forward estimates to expand mobile phone services and to support regional Australians in getting connected.

Mr Mahar said agriculture also requires government support to contribute to the nation’s emissions reduction task.

“The sector backs an economy-wide aspiration of net zero emissions by 2050, provided it is economically sound and government policy is not unnecessarily detrimental to the industry.

“Investment in RD&E that supports better understanding of climate impacts and opportunities is critical to support adaptation and mitigation processes,” Mr Mahar concluded.

Aussie farmers set to lose $36bn
Aussie farmers set to lose $36bn
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

author image
Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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