Record income for vegetable growers marks trend
A GOVERNMENT economic survey of Australian vegetable-growing farms of the last two years shows a 12 per cent increase in cash income for Australian vegetable farms to $319,000 per farm in 2017-18.
ABARES Executive Director, Steve Hatfield-Dodds, said this is the highest average in real terms since ABARES began surveying vegetable-growing farms in 2007.
“Average farm cash income increased in all states, except Queensland and Western Australia,” Dr Hatfield-Dodds said.
“ABARES estimates the average rate of return of Australian vegetable-growing farms was 5.9 per cent in 2017–18, following an average return of 4.9 per cent in 2016–17.
“Average farm debt decreased by 20 per cent to around $438,000 per farm in 2016–17, mainly because of reduced working capital debt, and around one-quarter of vegetable-growing farms held no debt in 2016–17.
“Australian vegetable growers made a total of $319 million in new investment, with around half of vegetable-growing farms making capital additions in 2016–17.
“Vegetable growing is our fourth-highest agricultural industry, and made up 6 percent—or $3.9 billion—of the gross value of agricultural production in 2016-17.
“It is big business for Australia, and especially in Queensland and Victoria which combined, account for 57 per cent of the total value of vegetable production in 2016-17.”
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ABARES has conducted an annual survey of vegetable-growing businesses since 2007 to inform industry and government about farm-level production, and provide a financial overview of the industry.
This project has been funded by Hort Innovation, using the Vegetable Fund research and development levy and contributions from the Australian Government.
Hort Innovation is the grower owned not-for-profit research and development corporation for Australian horticulture.
See the full report here: http://www.agriculture.gov.au/abares/research-topics/surveys
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