The nation’s agricultural sector can expect a strong economic performance this year, according to the latest outlook from agribusiness banking specialist Rabobank .
But the annual report warns the sector is unlikely to replicate last year’s “exceptional” performance.
Analysts found that a standout year in 2022 with record commodity prices and strong production levels has put the country’s farmers in a good position for the year ahead.
“2023 will bring many opportunities (but) those with overly inflated expectations of a repeat of 2022 might be disappointed as the world heads into recession,” the agribusiness outlook found.
Beef, dairy, grain, oilseeds and canola prices hit record levels in Australia in 2022 alongside some record production levels.
Those record high commodity prices were driven by the war in Ukraine , COVID-related supply chain issues and labour shortages as well as volatile input prices.Read more: Outlook rosy for farmers despite cost pressures [AAP]
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