Australian Bureau of Statistics
1301.0 - Year Book Australia, 2006
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 20/01/2006
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FINANCIAL STATISTICS OF FARM BUSINESSES
Selected financial performance measures - expressed as annual averages per farm - for all broadacre farm businesses for the years 1999-2000 to 2003-04 are shown in table 14.7 and for the years 1997-98 to 2003-04 in graphs 14.8, 14.9 and 14.10.
In 2002-03 Australia experienced a severe and widespread drought. As a result, the production of most crops was substantially reduced. Drought also affected pasture and water availability resulting in higher than usual turn-off of unfinished livestock. The need for increased supplementary feeding of livestock, coupled with higher grain prices, resulted in an increase in cash costs for livestock farms. Following a large increase in receipts in the previous year, average total cash receipts for broadacre farms are estimated to have decreased by 18% in 2002-03. Average total cash costs for broadacre farms decreased by around 4% in 2002-03. Improved climate conditions over much of Australia in 2003-04 resulted in an increase in farm financial performance measures.
Average farm business profit increased in 2003-04 to $7,000 from a negative $27,400 the previous year (graph 14.9). Farm business profit is a longer-term measure of the profitability of farms because it takes account of depreciation and inventory changes.
For the broadacre industries as a group, rate of return averaged 1.5% in 2003-04 (graph 14.10), up from the negative 0.3% in 2002-03.
This page last updated 24 January 2007
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