Pulling the wool: Why we’re no longer riding on the sheep’s back | Kanebridge News
Share Button

Pulling the wool: Why we’re no longer riding on the sheep’s back

Favourable weather patterns have provided record profits in some areas of agriculture but future forecasts are mixed

By KANEBRIDGE NEWS
Mon, Aug 7, 2023 10:14amGrey Clock 2 min

Australia is no longer riding on the sheep’s back with nursery cut flowers and turf worth more than wool in the agricultural market, new data has revealed. Once the greatest source of national prosperity, wool now accounts for $3.2 billion in terms of production value compared with $3.4 billion for cut flowers and turf.

Data from the Australian Bureau of Agricultural Resource Economics and Sciences (ABARES) shows that wheat and beef are Australia’s most valuable agricultural commodities, making up one third of all production by value in 2022. Wheat increased by $3.3 billion in 2022, reaching a record high of $13.1 billion while canola and cotton lint more than doubled.

Favourable farming conditions in Australia and, conversely, poorer conditions overseas have boosted the agricultural sector significantly, Ray White Group chief economist Nerida Conisbee said.

“We were producing a lot, while others were producing far less,” she said. “As we came out of the pandemic, people began spending more. The Ukraine conflict further complicated wheat markets.”

The result has lead to total agricultural production in excess of $90 billion and land values almost doubling over the past three years.

While the 2022 results have been welcomed, Ms Conisbee said the future is less certain, with international shifts having potentially positive and negative effects. While wheat production is expected to decline as weather patterns become less favourable, the ongoing war in Ukraine should keep prices up. Rice shortages as a result of a decision by the Indian Government to ban exports of non basmati rice to deal with domestic shortages is expected to have a similar impact on that market.

“This announcement is expected to result in the biggest global rice shortage in 20 years,” Ms Conisbee said. “Similarly to wheat, prices are set to rise. Although Australia is not a major rice producer, it will impact the Riverina in southern NSW where around 75 per cent of Australia’s rice is grown.”



MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

Related Stories
Lifestyle
Booking Now Open for AROYA Cruises’ Red Sea Adventures in December 2024
Lifestyle
DISCOVER A NEW DUPLEX OF PURE ELEGANCE AND WELL-BEING
Lifestyle
The first Porsche 911 sports car with Hybrid Drive Hits Production Line
Booking Now Open for AROYA Cruises’ Red Sea Adventures in December 2024

Cruise Saudi has officially launched bookings for AROYA Cruises.

Fri, May 17, 2024 < 1 min

Cruise Saudi started accepting reservations for holidays on the 335-meter floating resort known as AROYA Cruises, set to start its Red Sea journeys in December 2024. This announcement marks the commercial launch of “AROYA Cruises,” with immediate booking available for various trips directly on their website.

The statement from Cruise Saudi highlighted that as the first Arabian cruise line, AROYA Cruises will provide an authentic Arabian experience to its guests, both at sea and on land. The design of the cruise line emphasizes Arabian generosity and showcases Saudi Arabia’s hospitality, focusing on exceptional experiences centered on comfort and luxury.

AROYA Cruises features a 335-meter floating resort equipped with 1,678 cabins, including balcony cabins with sea views, along with luxury suites and villas. The ship can accommodate more than 3,362 passengers and boasts 20 entertainment venues across 18 decks, offering shopping in AROYA’s shops, live performances in the 1,018-seat theatre, and various shows and movies for children.

Moreover, AROYA Cruises offers exclusive VIP experiences, featuring spacious and premium suites, outdoor lounges, and exceptional dining experiences. Tourist trips are planned in the Red Sea for December 2024, which will include visits to AROYA Cruise’s private island as well as destinations in Egypt and Jordan.

 

MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

0
    Your Cart
    Your cart is emptyReturn to Shop