Queensland producers are feeling more optimistic heading into the new year than farmers in any other state, according to Rabobank survey results.
The final quarterly Rural Confidence Survey for 2024 showed a slight uptick in confidence from cattle producers and cotton and grain growers across Queensland and Western Australia.
Rabobank Queensland state manager Brad James said recent rainfall across Queensland was most likely responsible for the boost.
Strong gross domestic product growth within agriculture is expected to lead to more investment in the industry. (ABC Rural: Maddelin McCosker)
“The beef sector showed fairly good confidence and a lot of that’s based on season,” Mr James said.
He said seasonal conditions were just one factor in the increased confidence with commodity prices and input variables also playing a big part.
“I think when you get the three key ingredients right you have an increase in confidence,” he said.
“You have an increase in people’s preparedness to expand or to develop their properties.”
Confidence in crops
In central Queensland’s Dawson Valley, Kim Stevens’s family runs a cropping and cattle operation.
Kim Stevens says recent rain across central Queensland means producers are feeling more confident. (Supplied: Kim Stevens)
She said planting summer crops such as chickpeas, mung beans, and wheat would get underway with the advantage of late spring rain and a wet start to summer.
“I think everyone’s pretty positive,” Ms Stevens said.
“We’ve got our starting rain to be able to plant on a full profile and that gives us really great security coming into 2025.
“We just need some follow-up rain throughout the crops’ life.”
It was not just the crops that were benefiting from the good season, Ms Stevens said.
Queensland grain growers have reported a slight lift in confidence in the final quarter of 2024. (Supplied: Darcy Rayner)
“In general, across my region, things are going well,” she said.
“We’ve got the rain and grass is growing and cattle are getting fat.
“Prices come up and go down, but generally it’s all pretty good.”
Strong GDP a good sign
In 2022–23, Australia’s agriculture gross domestic product (GDP) grew by 2.7 per cent, signalling the industry’s strength and continued development.
“Agriculture is leading the way on a year-on-year basis, which is great news for the sector,” Mr James said.
Brad James says international markets and seasonal conditions have led to increased confidence in Queensland. (Supplied: Rabobank)
“Any industry that significantly contributes to the economy gets attention from federal governments for funding and research and development.
“It also helps with investment in agriculture and people’s propensity to invest and reinvest in agriculture.
“When it’s leading the way, even in a suppressed economy, I think it’s a really positive thing for primary producers generally.”
