Victoria's dairy sector rises to the top

Wednesday, 04 October, 2023

Victoria's dairy sector rises to the top

Agriculture Victoria has released the 2022–2023 Dairy Farm Monitor, an annual survey tracking 80 dairy farm businesses in Northern Victoria, South-West Victoria and Gippsland.

The report showed that in 2022–2023, milk price increased by 33% to $9.77 per kilogram milk solids — the highest on record in 17 years — helping to offset rising feed costs and overheads including labour.

In 2022–23, average profits across Victorian participants rose by 67% to $2.87 per kilogram of milk solids (kg MS).

“It is pleasing to see Victorian dairy farmers come out on top following a year of higher business inputs, wet conditions and flooding,” said Agriculture Victoria Sector Development and Services Executive Director Dougal Purcell.

Agriculture Victoria’s Dairy Farm Monitor project is a partnership with Dairy Australia.

Dairy Australia General Manager for Research & Innovation Greg Jarman said farmers are making multiple operational and tactical decisions on a daily, weekly and seasonal basis.

“Some of these decisions can have a lasting impact on the profitability and sustainability of their farm,” he said.

“The Dairy Farm Monitor Project is a valuable source of independent physical and financial data around a wide range of on-farm practices, equipping farmers with essential insights to inform their decision-making. This information also ensures that on-farm consultants and industry stakeholders can use reliable, independent and useful information and resources to provide good advice to farmers.”

Valued at $2.5 billion, Victorian dairy leads the nation’s exports with the gross value of milk produced in Victoria worth $2.86 billion. The sector supports almost 13,000 jobs, almost half of which are in regional Victoria.

There were approximately 2773 dairy farm businesses in Victoria that produced 5.14 billion litres or 63% of Australia’s national milk production in 2022–23.

The 2022–23 Dairy Farm Monitor report is available on the Agriculture Victoria website.

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