Surging demand overseas for Australian beef, drought in the United States, rising cattle prices and the forced sale of huge numbers of stock because of dry conditions in northern Australia have delivered cattle farmers a dramatic increase in incomes.
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The sharpest rises were recorded by beef producers in the country's north, where "farm cash incomes" jumped 98.1 per cent in 2014-15 to an average of $148,000, new figures show.
For cattle farmers from northern Australia involved in the live export trade, average farm cash incomes surged 93.7 per cent to $277,000. This was a much needed income boost for operators recovering from the 2011 ban on live exports to Indonesia.
Beef producers in southern Australia also enjoyed better returns in 2014-15 as farm incomes jumped by an average of 68 per cent to $64,000.
Details of the income surge were revealed in a report released on Thursday by the Australian Bureau of Agricultural and Resource Economics and Sciences, part of the Department of Agriculture.
The report attributed the jump to "increased cattle prices and the highest beef cattle turn-off in 36 years".
The ABARES report defined southern Australia as NSW, Victoria, Tasmania, South Australia and southern Western Australia.
It defined "farm cash income" as the difference between total cash receipts and total cash costs.
The report said a range of factors contributed to heavy selling by Australian cattle producers last financial year, which generated significant revenue.
Dry conditions in Queensland and north-west NSW meant that many producers had no choice but to sell large numbers, while the falling Australian dollar, rising export demand for Australian beef and live cattle, and noticeably better cattle prices "further encouraged turn-off", the report said.
Federal Agriculture Minister Barnaby Joyce said the recent free trade agreements negotiated with China, Japan and South Korea, as well as live cattle export negotiations with China, would support the Australian beef industry and promote local beef to the world.
"I will continue to work hard to improve market access and to improve farmgate returns to ensure that this $8.5 billion industry continues to grow and remain viable well into the future," he said.
The 2014-15 year was a mixed period for Australia's beef producers. In north-west NSW and Queensland, severe drought forced farmers to sell their cattle, meaning they would face great expense to rebuild their herds when conditions improved.
However, on the other side of the ledger, beef prices skyrocketed.
The index measuring cattle prices in eastern Australia, the Eastern Young Cattle Indicator, repeatedly set new records over recent months, while overseas demand for Australian beef surged, particularly in the US where local beef production was at a 20-year low.
About 70 per cent of all beef produced in Australia is exported.
