THE head of agribusiness for one of Australia’s largest banks has highlighted five areas the industry needs to focus on before 2030 to reach its optimum growth.
ANZ’s Michael Whitehead gave an entertaining economic outlook at today’s Queensland Rural Press Club event in Brisbane – highlighting some of the trends driving the industry in the past two years and the key areas the industry needs to focus on going forward. He was referring the the company’s research paper “Greener Pastures 2 – Critical Pathways To Capture Global Agricultural Opportunities”.
He highlighted five paths to achieving the industry achieving its optimal economic growth:
- Improve the process of capital flows into agriculture
- Embrace agricultural technology
- Utilise sustainability for economic advancement
- Improve the trade landscape
- Advocacy and industry cohesion.
Mr Whitehead said with the world opening up after Covid lockdowns, foreign investors were becoming more interested in Australian agriculture.
“With food uncertainty Australian agriculture is absolutely back on the radar,” he said.
“We have seen Middle Eastern investors very openly looking at Australian supply chains and making investments. The Chinese are starting to come back, they know the Foreign Investment Review Board challenges, but they are looking at investment. We are seeing a lot of pension funds saying they see increased potential in ag because more countries are worrying about securing food.
“While they are good, we need to improve the process of capital flows.”
- Beef Central will explore some of the topics Mr Whitehead addressed in coming stories.