The NSW Government’s Agriculture Economics research team has released its latest analysis of 2024–25 activity, confirming strong gains across all major sectors and a significant lift in farm financial performance.
Over the past five years, the state’s primary industries’ Gross Value of Production has climbed from drought‑affected lows to a new high of $25.5 billion — an increase of $13.6 billion, or 114 per cent.
The report highlights particularly strong results in cropping and livestock, with cropping values rising sharply on the back of above‑average yields and record pulse production, while livestock producers benefited from record meat production volumes and exceptionally strong lamb prices.
Farm cash incomes also reached new highs, with the average broadacre farm recording an estimated $419,000, well above previous records, and forecasts suggesting incomes will remain above both five‑ and ten‑year averages into 2025–26.
The financial strength of NSW farms is further reflected in rising equity ratios, which have increased from 84.5 per cent in 2014 to 91.9 per cent in the latest data.
Favourable seasonal conditions across central, coastal and northern NSW, combined with strong global demand for high‑quality agricultural products now valued at $13 billion, have helped underpin the sector’s performance.
Farm balance sheets remain robust, with average broadacre farm capital reaching $13.7 million, positioning producers to better manage future risks, including the return of drought conditions.
The Minns Government says its investment in research and biosecurity is helping support this growth, with $100 million committed to agricultural research and $1 billion invested in biosecurity systems and programs.
Minister for Agriculture Tara Moriarty said the results show a sector that has not only recovered but strengthened.
She noted that producers have persevered through volatile environmental conditions and unexpected global trading pressures, emerging stronger than ever.
Improved seasonal conditions, record production levels and strategic business management have all contributed to the impressive results.
Minister Moriarty said the Government’s investment in research, development and extension is designed to help farmers build resilience and modernise their operations.
She added that having a strong agricultural research team analysing data allows the Government to closely monitor seasonal conditions and understand their impact on farm businesses and regional communities.
