The latest official figures confirm Australia has benefited from a third consecutive year of significant rainfall, with record production expected despite floods across the east coast.
Agricultural exports are also forecast to set new records, reaching $75 billion this year.
The figures were released by the Australian Bureau of Agricultural and Resource Economics and Sciences on Tuesday, March 7.
The record-breaking numbers have been driven by winter crop production, with exceptional results in Western Australia and South Australia.
“Production of wheat and canola are estimated to have reached new records, while we can expect the third-highest barley production on record," ABARES executive director Jared Greenville said.
“High values of livestock production have also contributed to these record numbers, with producers increasing their production while also benefiting from historically high prices.”
Dr Greenville warned this year would be the “last hurrah” for the La Niña rain system for a while, with drier conditions ahead.
"However, production will continue to be supported by good soil moisture and high water storage levels.”
He also predicted commodity prices would ease with competition stepping up in global markets.
“High international prices have been driven by drought conditions in major exporters and disruptions from the war in Ukraine.
“But seasonal conditions are expected to improve in major producing regions, which will see major exporters getting back on track.”
With seasonal conditions forecast to return to normal and commodity prices tipped to fall, the value of Australian agriculture is still expected to remain strong in the medium term.
“Should we see a shift back towards a drier climate sequence and global economic uncertainty carry on for longer, greater pressure will be placed on sector growth,” Dr Greenville said.
“But we’ve had three years to create a buffer and recover from the last drought, so many of our farmers will be well placed to ride out these domestic and international changes.”
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