Agriculture Is Going To Play A Major Role In Australia’s Growing Economic Sector

As of 2013, there were 7.125 billion people on Earth. That number is expected to grow to 9.7 billion by 2050, according to recent projections. The world will have to increase its agricultural production by a staggering 70%, to keep up with the growing demands. As viable agricultural land and water continues to decline, Agriculture is playing a significant part in Australia’s growing economic sector.

Australia is in a unique position to take advantage of this global trend. Agriculture is already one of the fastest growing industries in the country, reporting net growth for the last five years. 2016 stands to be a record-breaking year for the Australian agriculture industry, if the projected $57.6 billion in raw produce comes to fruition–an 8% increase from last year.

Even if the development stalls, Agriculture is predicted to be the next $100 billion industry, according to the National Farmers’ Federation which is roughly the size of iron ore and coal mining combined.

The key to the future of Australian agriculture will be innovation, to make the most of available resources. Whether these innovations will be new technologies, smarter use of land and water, or better business models, innovation will be required to meet these rising demands.

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Innovation Trends in Australian Agriculture

In the increasingly interconnected world we live in, it’s no longer enough for Australia to produce high quality agricultural products, thanks to overseas’ competition.

Instead, Australian Agriculture would be smart to invest in efficiency and productivity. From drones and sensors, to GPS-enabled farming implements and tracking devices, Australian Agriculturists will have to learn to do more with less to remain competitive.

Research And Development (R&D) will also be necessary in placing Australia at the forefront of the global Agricultural market, particularly in regards to lowering processing costs and controlling environmental impact.

Despite Agriculture not traditionally being a heavily technological field, the industry still stands to benefit from Turnbull’s mission to make Australia a more innovative and collaborative economy. Massive incentives are already in place for eligible R&D projects under the R&D Tax Incentives.

Looking for more information about financial trends on the Sunshine Coast? Let a Sunshine Coast financial advisor keep you informed of the Australian market, to help you make better, more informed financial decisions.