Farmers in Australia are prosperous, hopeful about the future, and have a strong sense of community. These are some of the conclusions of Westpac's 2022 Intergenerational Farming Report.
Agriculture is evolving as a vibrant industry in an unpredictable world, and it's no wonder that the research characterises the modern farmer as knowledgeable, forward-thinking, and eager to accept new opportunities.
More than 70% of farmers polled said they are making more money than they were ten years ago, and more than 80% are satisfied to extremely satisfied with their farming venture.
Steve Hannan, National Manager for Westpac Agribusiness states that “the scale of operations is getting bigger, with farms run like family corporates”.
Many farms used to be maintained for lifestyle as well as productivity, but that has changed. There is a greater emphasis on the farm as a smart business entity with productivity, sustainability, and innovation planning. And the way of living is still enjoyable! The constant increase in farm values demonstrates agriculture's strength and confidence in the industry's future.
According to the Intergenerational Report, both older and younger farmers prioritise access to water resources and crucial infrastructure spending on roads, trains, and telecommunications. While few consider transitioning to a Net Zero economy to be vital, more than half of all farmers already generate renewable energy on their farms.
However, it is not all work and no play. Farmers are taking care of their mental health by actively participating in their local communities, according to the survey. The ingrained link between community and agriculture is critical to the success and well-being of all bush dwellers.
Overall, the Intergenerational Farming Report contradicts tired old stereotypes about the fighting farmer. The farmer of today is at the vanguard of a booming agricultural economy, and the future seems promising.
Read Westpac's full report here
Credit: Westpac Agribusiness
