How Profitable is Farm Business in Australia? Farm Performance Data and Some Implications from ABARE Broadacre and Dairy Industries Farm Surveys
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Time series data on farm profitability for Australia and South Australia from
ABARE’s farm surveys, shows a minority of businesses consistently profitable
and a majority not. The paper finds evidence of prevalent and persistent
negative farm profit in both available long-run data (1990-2007) and more
recent data (2006-09). Trends in several structural change elements,
productivity, farm size and age of operators, are also examined to aid the
interpretation of farm economic performance in agri-food.
The paper concludes with several contemporary examples of public policy
distorting the structure and performance of the farm sector and spoiling the
usefulness of profitability as an indicator of sectoral performance. Policies on
hobby farming tax benefits, drought, and agribusiness managed investment
schemes policy are discussed in this context