Forget the battling farmer image, today's farmer is a modern rural CEO
Australian farmers are prosperous, optimistic for the future and have an enduring sense of community connection. These are some of the findings of the 2022 Intergenerational Farming Report compiled by Westpac.
In a world filled with uncertainty, agriculture is emerging as a robust industry and it’s no surprise the report defines the modern farmer as savvy, forward thinking and ready to embrace new opportunities.
More than 70% of farmers surveyed indicated that they are making more money than 10 years ago, and over 80% are satisfied to extremely satisfied with their farming enterprise.
Steve Hannan, National Manager for Westpac Agribusiness states that “the scale of operations is getting bigger, with farms run like family corporates”.
At Rural Property NSW, we see the same thing. In the past many farms were managed as much for lifestyle as for productivity, however that has changed. There is a greater focus on the farm as a sophisticated business enterprise with planning for production, sustainability and innovation. And the lifestyle is still good! The consistent growth in farm values reflects the strength of agriculture and confidence in the future of the industry.
The Intergenerational Report highlights that both older and younger farmers rank access to water resources and critical infrastructure spending on road, rail and telecommunications as key priorities. While few regard support to transition to the Net Zero economy as important, more than 50% of all farmers are already generating renewable energy on their properties.
But it’s not all work and no play. Farmers are looking after their mental health by actively participating in their local communities the report found. The embedded connection between community and agriculture is crucial to the prosperity and well-being of everyone who lives in the bush.
Overall, the Intergenerational Farming Report flies in the face of the tired old cliches of the battling farmer. Today’s farmer is at the forefront of the thriving agricultural sector and the future is bright.
To find out more, read the report here.
by Michael Guest in Latest News
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