The key topics in agricultural economics are production, marketing, supply chains and price discovery, says Dr Ian Fogg, a researcher at the University of New South Wales and one of the authors of the report.
There is also a lot of focus on agricultural infrastructure, which is a major driver of the economy.
What does that mean?
Dr Fogg said the main drivers of economic growth and job creation were infrastructure and the economy’s ability to process information.
That’s because information and communication are essential to economic growth, he said.
Dr Fogg said while the importance of the agricultural sector is clear, the agricultural economics field is also important in a lot more ways than just the production and distribution of agricultural products.
The field is the foundation of the world economy, he says.
“It is the backbone of our economy and is also the foundation for our jobs, our wages, our wealth, our future.”
The value of agriculture is that we produce our food, we make our clothing, we build our houses, we use our cars, we educate our children, we create our future and the value of our labour is very much tied up in agriculture.
“The report is published by the University’s Australian Centre for Agricultural Economics (ACAE).
It’s an economic lifeline, it’s a driver of growth, it supports productivity, it sustains our economy, it provides the basic building blocks of our future.” “
We have an enormous agricultural sector and it is really a large part of our economic development.”
It’s an economic lifeline, it’s a driver of growth, it supports productivity, it sustains our economy, it provides the basic building blocks of our future.
“In 2016, the Australian Government announced $2.4 billion to help boost the sector’s growth and provide a $1.5 billion loan guarantee.
“So if you look at the Australian economic landscape, I think it’s really important to think about what the implications are for Australia’s future.” “
The focus on the agriculture sector is probably the most over-simplified approach in terms of the entire Australian economy,” he said, adding that more research was needed into the economic importance of agriculture.
“So if you look at the Australian economic landscape, I think it’s really important to think about what the implications are for Australia’s future.”
What are some of the key topics covered in the report?
Dr Chris Coyle from the ACAE said it was difficult to compare the output of the Australian agriculture sector to other countries, but there were some key areas of focus.
“For example, what is the value proposition of the country’s agriculture to other producers and consumers, or how does the value to Australia’s economy of the farm compare to that of other countries?” he said on the ACCE’s website.
“Some of the big issues that we need to think through are how will the value that the farmers produce and the product they produce to the world compare to other agricultural producers in the world, or to other consumers around the world?”
Also, are there any opportunities to engage the agricultural industry in a more collaborative, multi-pronged approach?
“The fact that we are seeing the Australian industry in its infancy is indicative of how much work needs to be done, and we have to be really vigilant to make sure that we don’t lose any of that potential for growth.”
Dr Fogle said the report was a good indication of the importance the Australian food industry had.
“A lot of people in Australia who are not familiar with the Australian farm sector don’t realise that it is one of our biggest industries, one of Australia’s most significant economic drivers and one that has a significant impact on the wellbeing of Australians,” he added.
The ACCE report will be presented to the Agriculture Minister on Thursday.
The report comes amid the Government’s review of the role of the federal government in agriculture.
A review of its role in the industry is due to be published later this year.