When GP1 was published the Australian agricultural sector was looking ahead to a future facing a multitude of challenges and concerns over how it would tackle them.
As GP1 highlighted, new investment in the sector was urgently needed to increase both production and productivity. This was accompanied by concerns about whether it could be adequately sourced and from where it would originate.
While the average age of Australian farmers was reported as mid-60s, concern was expressed as to who would take over their farms and what this would mean for overall industry efficiency.
Globally, Australia was falling behind its export competitors, particularly in terms of costs and innovation.
Australia’s agricultural landscape has changed fundamentally in the past decade, in a way that few could have predicted. In the space of 10 years, a set of rapidly changing global circumstances, combined with stringent and positive action by many people across the sector has shifted the entire outlook to one of positivity, and immense possibilities.
Drawn by the Australian agricultural industry’s world-leading capabilities, the influx of global and domestic capital into the sector will only continue to grow. For the most part, opposition to new investment has been replaced by enthusiasm.
A large number of family farms have evolved into multi-generational businesses, adopting new strategies and planning for the long term.
Embracing new developments in agtech, financing and other opportunities operationally has positioned the industry to be substantially more competitive globally - right through the supply chain.
The focus on new investment in Australian agriculture will be strong. It is imperative that all stakeholders not only improve their processes, but also ensure investment is deployed to its best use.
Now is the perfect time to harness momentum, capture opportunities and take the industry to the next level.
Australia will be required to both solidify and diversify its export relationships in a global trading environment increasingly impacted by volatile geopolitical factors and food insecurity concerns.
Big developments in agtech have led to great potential for the sector. It is vital that the current decade is the one where widespread implementation and utilisation filters through all the way from the farm to the consumer.
It is a great time to be part of Australian agriculture. Tackling the challenges and the hard work required to reap great rewards is something the industry knows how to do well.
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