Managing risk key to a brighter farming future

 
Primary producers are central to the state agriculture sector’s ability to double its productivity and reach $30 billion in output by 2030.

NSW Farmers President James Jackson said farm businesses are unduly impacted by adverse events such as drought, bushfires and storms, and it’s time the NSW Government partners with the sector to develop risk-management solutions for more sustainable and profitable farms.

“With the vast majority of the state either out of drought or in drought recovery, now is a critical time to build resilience and preparedness,” Mr Jackson said.

“The Farm Innovation Fund is in place to aid preparedness, and we call for further funding to support the implementation of renewable energy sources to reduce costs and emissions on farm.”

“Farmers face a range of production risks. While the environment is uncertain, it is critical there are a range of risks that can be insured against, such as drought, frost and rain.”

“Building financial literacy is a way of promoting better risk management among farmers. For example, poultry farmers, who have been impacted by major changes to the processing environment, would benefit from understanding their farm’s economic performance against current and accurate industry benchmarks.”

“The Independent Pricing and Regulatory Tribunal in 2017 supported a temporary upfront subsidy aimed at increasing the uptake of multi-peril insurance, and there’s no reason similar strategies cannot exist for livestock enterprises.”

Mr Jackson said farm safety is a critical aspect of risk management on NSW farms, and Government schemes play a vital role in promoting this.

“NSW Farmers supports the extension of the Quad Bike Safety Improvement Rebate Program to December 2022, primarily to aid farmers in meeting new mandatory operator protection device fitting on all quads purchased after October this year.”

“We also seek a new rebate scheme to support wool producers in replacing old overhead shearing equipment with the safer electronic single stands,” Mr Jackson concluded.

Date: 17 March 2021 
Media Contact:  Michael Burt  | 0428 228 988 | burtm@nswfarmers.org.au