ABARES predicts Australia's produce will exceed $100bn in 2026–27

The latest forecasts from the Australian Bureau of Agricultural Resources Economics and Sciences (ABARES) released today (3 March) show Australia’s farm gate agricultural production value will hit a record $101.4bn in 2025–26, and $107.4bn when combined with fisheries and forestry. This forecast is four years ahead of the National Farmers Federation’s 2030 target, and has been backed by Australian Government support.

ABARES forecasts show agriculture, fisheries and forestry exports will reach a record high of almost $85bn in 2025–26, with more demand than ever for Australia’s food and fibre.

“Being on track to exceed industry’s $100 billion target by four years is a tremendous result for our farmers and regional communities, and it’s what you can achieve when government works together with industry to progress their priorities,” said Minister for Agriculture, Fisheries and Forestry Julie Collins.

“As we celebrate this significant milestone, we also reaffirm our commitment to supporting our farmers and producers during difficult conditions, because we will always have their back.”

The Albanese Labor government's support includes securing the removal of trade barriers, including $20bn worth of trade with China, and delivering more market access opportunities for Australia’s farmers and producers.

In 2018, the National Farmers Federation (NFF) released its 2030 Roadmap, detailing its vision for agriculture to become Australia’s next $100 billion industry — with Agriculture worth around $88bn when the Albanese government came to office in 2022.

Since then, the value of Australia’s agricultural production has increased by 15%, with agricultural exports now able to reach around 190 markets — the most diversified trade has ever been.

President of the National Farmers Federation Hamish McIntyre said, “This is a landmark moment for Australian agriculture. In 2018, $100 billion was seen as ambitious. Today we’re forecast to reach it ahead of schedule.

“This shows agriculture is an industry worth backing, because when we set a goal, we deliver.

“This milestone wasn’t handed to us, but earned through droughts, fires and floods, through a pandemic and global trade disruption.”

Some of the other forecasts for 2026‍–‍27 in the ABARES report include:

• Value of horticulture production to increase by 3% to $19.3bn.
• Value of fisheries and aquaculture production to increase by 3% to $4bn, driven by higher production values of wild-caught rock lobster and aquaculture salmonids.
• The gross value of pig and poultry slaughter to rise by 2% to $6.6bn, with demand set to remain elevated as a result of consumer substitution due to high red meat prices.
• The gross value of milk production to fall by 4% to $5.7bn, with farm gate prices to fall from record highs in 2025–26.
• Lamb prices are also set to fall from a record high.
• Value of Australian wine grape production to fall by 2% to $644m.
• Value of canola production to fall by 8% to $5.4bn.
• The value of barley production to decrease by 12% to $4.3bn, while Sorghum export value to increase by 1% to $900m.
• Australian wheat export price to fall due to rising global supply, and the gross value of wheat production to fall by 13% to $9.5bn.
• The gross value of cattle slaughter and live exports to fall by 14% to $19.6bn.

Image credit: iStock.com/Artico