Australian farm incomes to be squeezed as prices dive and fears of a dry summer loom

Abares report forecasts average broadacre farm incomes to plummet by 41% this financial year, with livestock sector hit particularly hard

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Drier conditions combined with lower commodity prices and smaller crops are expected to reduce broadacre farm incomes by 41% on average this financial year, according to the latest Australian agricultural seasonal outlook.

The Australian Bureau of Agricultural Resource Economics and Sciences (Abares) forecasts average cash incomes to fall to $197,000 per broadacre farm in 2023-24, with beef cattle and sheep farms expected to be hit particularly hard.