- Western Australia recorded a negative EPI of -0.07, with producers reporting declines in employment and cost pressures. The South Eastern region recorded one of Australia’s highest EPIs of 0.13. Seventy-two per cent of agribusiness owners are confident about 2007-2008.
- Cyclone-devastated North Queensland regions have put the worst behind them with mostly positive June quarter EPIs. The Statewide EPI was -0.04, the second strongest state after Tasmania, with 74 per cent of agribusiness operators are enthusiastic about the year ahead.
- While the strongest state, Tasmanian agribusiness owners are affected by mainland operators’ poor performance. The EPI declined to -0.03. Around 72 per cent of agribusinesses are still confident for the year ahead. Producers blamed sluggish performance on increased fodder and other operating costs.
- New South Wales’ EPI deteriorated to -0.13 in the June quarter, largely the result of declining capital expenditure and employment. New South Wales agribusiness owners were Australia’s most optimistic with 82 per cent of operators confident about the next 12 months.
- Early June floods devastated Victoria’s Gippsland region. Victoria joined New South Wales as the most under-performing states, with an EPI of -0.13. About 76 per cent of Victorian farmers are confident about the year ahead, with outlooks suggesting improvement.
- South Australia’s high March quarter confidence has encouraged improvement to an EPI of -0.12, with indications of a move into positive territory in the September quarter, with 74 per cent remaining confident about the next 12 months.
After the big dry, Australian agribusinesses face brighter future
9 AUGUST 2007
Although national agribusiness performance showed an overall decline in the June quarter, the outlook in September was for a major improvement, according to the third quarterly report on the Westpac & Charles Sturt University Agribusiness Index.