Export earnings forecast to drop

ACCORDING to the latest Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), Agricultural Commodities report, agricultural export earnings are forecast to fall by five per cent to $45 billion this year.

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This year Australia will import grain for the first time since 2007.

The effects of the drought have impacted livestock and grain reserves, with the nation's cattle herd estimated to reach its lowest level since the early 1990s finishing the year at about 25 million