Thursday, 19 October 2023 08:55

Record profit for Victorian farmers

Written by  Staff Reporters
Milk price paid to Victorian farmers last season rose 33% to a record A$9.77/kgMS. Milk price paid to Victorian farmers last season rose 33% to a record A$9.77/kgMS.

Dairy farmers in the Australian state of Victoria had a record profitable 2022-23 season, thanks to high milk prices and carefully managed high costs.

Dairy Farm Monitor Project - a partnership between Dairy Australia and Agriculture Victoria - includes collection and analysis of financial and production data from dryland and irrigated dairy farms in southwestern Victoria, Gippsland and northern Victoria.

It tracks 80 dairy farm businesses, and participants represent a distribution of farm size, feeding systems and herd sizes.

This year's findings revealed that milk price increased by 33% to A$9.77/kgMS - the highest on record in the survey's 17 years - helping to offset rising feed costs and overheads including labour.

Farmers use the reports to inform their business decisions, assess their business performance over time, implement substantial farm changes and assist in financial management.

Dairy Australia general manager research & innovation, Greg Jarman, says that some of these decisions can have a lasting impact on the profitability and sustainability of their farm.

"The Dairy Farm Monitor Project is a valuable source of independent physical and financial data around a wide range of on farm practices, equipping farmers with essential insights to inform their decision making," says Jarman.

"This information also ensures that farm consultants and industry stakeholders can use reliable, independent and useful information and resources to provide good advice to farmers."

Valued at A$2.5 billion, Victorian dairy leads the nation's exports. The gross value of milk produced in Victoria is worth A$2.86 billion and the sector supports almost 13,000 jobs, almost half of which are in regional Victoria. There were approximately 2,773 dairy farm businesses in Victoria that produced 5.14 billion litres or 63% of Australia's national milk production in 2022-23.

"It is pleasing to see Victorian dairy farmers come out on top following a year of higher business inputs, wet conditions and flooding," Agriculture Victoria Sector Development and Services Executive Director, Dougal Purcell says.

"We thank the Dairy Farm Monitor project participants for their dedicated support to this initiative, providing such valuable information to industry and governent."

More like this

FTA good for Aussies and for us – Groser

ANYTHING GOOD for Australia is in the long run good for New Zealand. That’s the reaction of Trade Minister Tim Groser to the news that Australia has signed a free trade agreement with China, and to speculation that their FTA with China is better than NZ’s, especially regarding dairy products.

Aliens have landed

OPINION: A mutilation mystery is playing out on a remote Central Queensland property in Australia after a number of cows were found dead in inexplicable circumstances.

Reducing emissions on Aussie agenda

Rising input costs are affecting Australian dairy farmers, making it more important than ever to ensure that the farm is operating efficiently and not wasting money, says Dairy Australia.

Co-op offers $1.50/kgMS more in Oz

A shrinking milk pool in Australia is forcing major processors, including Fonterra, to outbid each other and secure farmer suppliers for the new season.

Oz is better

OPINION: News that the Labour Government is spending taxpayer money to advertise to New Zealanders living in Australia that life is better there now they can get citizenship is appalling.



Canada's flagrant dishonesty

Deeply cynical and completely illogical. That's how Kimberly Crewther, the executive director of DCANZ is describing the Canadian government's flagrant…

Regional leader award

Eastern Bay of Plenty farmer Rebecca O’Brien was named the 2024 Dairy Women’s Network (DWN) Regional Leader of the Year.

Machinery & Products

Tractor, harvester IT comes of age

Over the last halfdecade, digital technology has appeared to be the “must-have” for tractor and machinery companies, who believe that…

» Latest Print Issues Online

Milking It

Substitute for cow's milk?

OPINION: Scientists claim to have found a new way to make a substitute for cow's milk that could have a…

Breathalyser for cows

OPINION: The Irish have come up with a novel way to measure cow belching, which is said to account for…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter