Competition, Asia’s re-emergence, consumer preferences, resource scarcity and climate change and the key challenges for Australia’s agriculture sector.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Australian Bureau of Agricultural and Resource Economics executive director Dr Steve Hatfield-Dodds outlined these challenges at the Outlook 2018 Conference in Canberra.
“While agriculture has been a consistently strong performer, there are five key areas we can’t ignore,” Dr Hatfield-Dodds said.
“Each of the five bring both opportunities and threats, disrupting the status quo.”
Dr Hatfield-Dodds spoke about how Australia had maintained its productivity relative to other advanced economies, but was losing ground to emerging producers like Brazil and China.
“We will need to innovate, do more with less, and unlock new sources of value to ensure our continued success,” he said.
“Understanding the consumer of the future will be vital, both to help target our export offerings and to protect Australia’s reputation. It will be important to lean in and engage, rather than letting others shape the agenda.”
Australia’s scarce natural resources, like land and water, will become more important as the world grows richer and population increases.
Agricultural exports are expected to rise to almost $50 billion by 2022–23, but Australia cannot stand still.
“How we respond to these challenges and opportunities will shape the future of Australian agriculture,” Dr Hatfield-Dodds said.