Tasmanian farmers are turning to technology and innovation to boost efficiency, new research from the Commonwealth Bank found.
The latest CommBank Agri Insights research shows 38 per cent of Tasmanian farmers plan to increase technological investment in the coming year, with just 3 per cent planning to decrease.
This figure is up 11 per cent on last year, showing productivity and efficiency are top of mind, Tasmania Regional and Agribusiness Banking general manager Darryl Mohr said.
“The latest insights reports shows a shift to an investment in technology and innovation in the past 12 months. Previous surveys showed investment in land and infrastructure, so there’s quite a shift here,” Mr Mohr said.
“The scale of investment is higher than the national average, which shows an overall desire by the agricultural industry across a broad range of investment types,” he said.
Survey results also showed half of Tasmanian farmers planned to invest in themselves, their teams and external advisers.
“Farmers are used to having consultants giving them advice, but as technology is becoming more available farmers are looking to upskill and train others in their enterprise,” Mr Mohr said.
More than a quarter of Tasmanian farmers (26 per cent) say they will boost training investment and 23 per cent plan to invest more on contractors and consultants, compared with 14 per cent nationally.
“These are very encouraging results, especially given that some parts of Tasmania have just experienced their driest winter in 120 years,” Mr Mohr said.