FPJ1801 - Malcolm, B (2021), Structural change and new ideas to improve farm performance

FPJ1801 - Malcolm, B (2021), Structural change and new ideas to improve farm performance

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Agriculture in Australia has more risk than any other agricultural sector in the world and is also riskier than other economic activity in this country. Success in farming in Australia is influenced strongly by events and forces and policies that are beyond prior experience, expectation or imagination.
Profit of many Australian farms is poor in part because public policies of assistance support less efficient farms and hinder market-led structural adjustment, which would see farm businesses with the most potential for increasing profit improve their prospects by taking control of the resources of the least profitable farm businesses.
Structural adjustment is one of the two main ways of maintaining and increasing the profit of farming as an economic activity in Australia. Making more good investments in agricultural research, development and extension is the other main means of maintaining farm profit, building wealth and managing risk in the face of increasing competition, long-term declining real prices and rising real costs.
For continuing success, farmers must be able to select from regular streams of new ideas and technologies and implement them, via innovations created from agricultural R,D&E by private and public investment.

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Published 13 Apr 2021

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