ABARES farm financial performance data released today shows Australian beef farm cash incomes this year are projected to be the highest in 20 years.

Releasing the data ahead of the 11 day Casino Beef Week event which kicks off in the northern NSW town tomorrow, May 19, Federal Agriculture Minister David Littleproud said the beef cattle industry remains the single largest contributor to Australian agriculture, with a gross value of production of $13 billion last financial year.

ABARES data projects Australian beef farm incomes in the current 2017-18 financial year to average $195,000 per farm in 2017-18, the highest in two decades.

“It is also 85 per cent higher than the average farm cash income for beef farms between 2000-01 and 2016-17,” Mr Littleproud said.

“This is great news for our world-class beef farmers, who deserve to see valuable returns for their valuable produce.”

Beef exports were valued at $7.1 billion in 2016-17 and live cattle exports contributed a further $1.2 billion.

Meanwhile Casino Beef Week, which has been running for 36 years, starts tomorrow, with more than 100 events scheduled over 11 days.

The Federal Coalition has committed $1 million to support delivery of the annual Casino Beef Week events from 2017 to 2020.

Member for Page Kevin Hogan said the event was so important to local beef producers and to the regional economy.

“More than $10 billion runs through regional cities and towns thanks to the success of the beef and cattle industry. It employs tens of thousands of people from the outback stations in the Kimberly, to regional centres such as Casino,” Mr Hogan said.

“This event has been running for 36 years, helped along by government funding, to support the beef industry and the local communities – above all it’s just a great day out.”

Source: Federal Minister for Agriculture and Water Resources