Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The combination of favourable conditions and a low Australian dollar should see farmers enjoy a bumper harvest and strong prices for livestock, according to NSW Farmers
Business, Economics and Trade chairman Peter Wilson.
Mr Wilson, himself a sheep, beef and grain farmer at "Yarraman", Trangie, believed with the Australian dollar reaching a six year low on Wednesday, farmers in and around
Dubbo would benefit when selling their livestock or commodities overseas, which would lead to money coming into the towns and communities.
"The low Australian dollar certainly helps as the buyer of the products pay less in their own country then what we receive here," he said.
"They are giving us $100 but only paying $70 or $80 for it, so they can afford to pay more and hopefully that will result in a higher price.
"There is a lot of benefits for people selling commodities and its the same for meat exporters.
"The more dollars coming into farmers hands the better as there will be more coming into the communities and then more jobs."
Federal Member for Parkes Mark Coulton shared Mr Wilson's views.
"Being in an area like this that largely relies on agriculture and mining, they will benefit from a lower dollar," he said.
"A combination of a good season, low dollar and recent Free Trade Agreements should really help farmers get a good return this year."
While things are looking positive for farmers at the moment, Mr Wilson won't be popping the champagne yet.
"On the other hand, imports are higher so if people are looking at new machinery they will be paying more,"he said.
"They aren't purchases you make every year so they might be able to hold off till next year.
"We've heard about the El Nino all year which would bring dry conditions but they've been wrong so far this year and hopefully they are wrong up until October.
"A bit more rain during this month to finish off the crops would be great."