A bright outlook ahead
Megan Winter takes us to the National Outlook Conference to hear the latest commodity forecasts and industry trends.
Commodity forecasts, climate change and future industry trends were key topics at this year’s National Outlook Conference. Organised by the Australian Bureau of Agricultural and Resource Economics (ABARE), the conference was held in Canberra from 4-5 March.
With 800 delegates, 22 chairs and 67 speakers, Outlook brought together a diverse range of people, including farmers, accountants, bankers, consultants, rural counsellors and economists.
During the conference, the March quarter issue of Australian Commodities was released, which forecast that our commodity export earnings would increase by 30 per cent to a record $189 billion in 2008–09.
The Australian Commodities report found that: ‘under the assumption of average seasonal conditions, the value of farm exports is forecast to be $31 billion in 2008–09, an 18 per cent increase on the previous year.
‘Export earnings are forecast to increase for grains and oilseeds, cotton, sugar, wine, beef and veal, lamb and most dairy products.’
In his address, Prime Minister Mr Kevin Rudd focussed on three key areas for agriculture—challenges in the Australian macroeconomic environment from inflationary pressure, competitiveness in global markets and new export markets, and dealing with climate change and water shortages.
‘After several difficult years, the prospects for parts of the farm sector are looking up. But the long term challenges to farming communities are very substantial,’ the Prime Minister said.
‘The government sees the agricultural sector as part of the 21st century economy—not a relic of the 19th century. We see agriculture playing an important role in our nation’s mainstream economic policies to build a modern Australia.’
Minister for Agriculture, Fisheries and Forestry, Mr Tony Burke, also focused on climate change in his presentation, saying: ‘I do not see it as my role to be auditing farms and telling people what they can, and can’t grow and when they are or are not viable.
‘Those decisions have always been made in the past by the producers themselves. They are tough decisions but they will continue in the future to be made by the producers themselves.
‘Notwithstanding that, there’s an area of support for the government in helping people through finding out what options might be available, what different crop varieties or different forms of farming might become a better opportunity, and looking when you’re getting to the tough adjustment decisions to make sure financial counselling and other measures are available,’ Mr Burke said.
Regional Outlook Conferences are held throughout the year around Australia—from Bunbury to Alice Springs. The regional conferences deliver commodity forecasts and research results directly to rural and regional communities, with the program tailored to each region.
To find out more about the Regional Outlook Conferences happening in 2008 visit the website at www.abare.gov.au.