Summary of key issues:
- The volume of farm production is forecast to decrease by 4.6 per cent in 2014-15.
- The gross value of farm production is forecast to fall by 3.1 per cent in 2014-15 to about $51.8 billion.
- Assuming a return to average seasonal conditions in the first half of 2015, it is expected that broadacre livestock producers will begin to reduce slaughter and rebuild stock numbers by that time.
- Crop production, in aggregate, is forecast to decline by 6.2 per cent in 2014-15, following an estimated rise of 6.1 per cent in 2013-14.
- Earnings from farm exports are forecast to fall by 6.2 per cent in 2014-15 to around $38.5 billion.
- Earnings from crop exports are forecast to fall by 9.6 per cent to $20.4 billion in 2014-15.
- Export earnings from livestock and livestock products are forecast to fall by 1.9 per cent to $18.1 billion in 2014-15.
- The index of unit returns for Australian farm exports is forecast to remain largely unchanged in 2014-15, following an estimated rise of 8.1 per cent in 2013-14.
- Export earnings for fisheries products are forecast to increase by 4.6 per cent in 2014-15 to around $1.4 billion.