October 14, 2011

 

Australian farmers on track to hit record turnover

 

 

Australia's Queensland farmers are all set to produce the state's highest agricultural turnover despite being affected by floods and cyclones early this year.

 

The Queensland Government has released data showing the agriculture sector was forecast to earn AUD14.7 billion (US$14.95 billion) this financial year, up 5% from the previous year.

 

Queensland Agriculture, Food and Regional Economies Minister Tim Mulherin said the forecast showed the resilience of producers.

 

He said the results showed there were jobs and opportunities for growth within the sector.

 

Beef remained the state's biggest industry with a forecast value of AUD3.28 billion (US$3.34 billion) despite experiencing widespread disruption when live cattle exports to Indonesia were temporarily banned earlier this year.

 

The beef industry is expected to post only a 1% drop in earnings on the previous year.

 

Despite the forecast of an overall rise in agricultural value, not all industries were going to record increases according to the data.