Our latest Agri Insights takes a deeper look at innovation in agribusinesses across Australia. Farmers across the country see the most opportunity for innovation in adapting their products for the market, while in order to enable innovation, half of Australian farmers will do their own research.
Among Australia’s cohort of innovative young farmers is James Barlow of Mirrabinda New South Wales. The cropper and cotton grower was just 24 when he took over the family business after his father passed away.
In 2010, James installed his first towable pivot, which not only helped save water but provided flexibility in management.
In 2014, he started a complete farm overhaul, adding seven more pivots, a new river pump and a 200 megalitre storage dam.
The May 2017 Agri Insights report shows that investment intentions among Australian farmers are at record levels. Australian farmers are looking to boost spending and realise opportunities by hiring more staff, getting their families more involved and by using more contractors and advisers. Investment in the beef, wool and lamb sectors in particular are also expected to strengthen too over the next 12 months.
Agri Insights surveyed 1600 Australian farmers about their investment intentions for the year ahead across 14 areas of their farm operations. The October 2016 Agri Insights Index was 10.2 points, our second highest index to date. This is underpinned by robust producer intentions, particularly with regards to the financial and physical aspects of farming. The survey also asked Australian farmers about digital technology and their attitude to data sharing.
Things you should know
CommBank’s Regional Business Insights and Agri Insights findings are published solely for information purposes and are not to be constructed as advice or recommendations. The findings have been prepared without taking account of the objectives, financial situation and capacity to bear loss, knowledge or experience or needs of any specific person who may receive these insights. CommBank believes that the information in these insights is correct and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its complication and are subject to change without notice. All analysis and views of future market conditions are solely those of CommBank, DBM Consultants, ACA Research and Kynetec. Commonwealth Bank of Australia ABN 48 123 124.