A NEW agribusiness report into intergenerational farming has revealed more than three quarters (77 per cent) of farmers are optimistic about the future of farming, at a time when Australians continue to flock to the regions.

The Agribusiness: Intergeneration Farming Report, which explored how generations of family farmers are leading the charge in regional and rural Australia, found 74 per cent of farmers believe there are either many or unlimited opportunities ahead for younger generations in their family.

Westpac Agribusiness Commercial Banking in Queensland regional general manager, Peta Ward, said the research showed “strong sentiment and opportunities for farmers of all generations”.

“Many Australians don’t realise our farmers produce more than 90 per cent of the fresh fruit and vegetables, meat, milk and eggs we purchase in our supermarkets every day, so it’s critical we support growth and success in the bush, which is our nation’s food bowl,” she said.

“While COVID-19 created so many unforeseen challenges, including impacting supply chains crucial to farmers’ distribution channels, it also helped drive more than 70,000 Australians to move to the regions, which has helped shine another positive light on country life.”

As a result of changes over the last ten years, 72 per cent of farmers have increased new farming practices, while 71 per cent said they have increased profitability in the farm.

“We’re seeing farmers continue to upskill and invest in both technology and machinery to help improve efficiencies and work smarter,” Ms Ward said.

“In fact, in the 2021/22 financial year, the gross value of agriculture in production is forecast to be a record $81 billion.

“We are experiencing strong demand for credit, not only for purchasing farmland, but for equipment and property improvements, so combined with high levels of savings during the pandemic, farmers and industry confidence is sky high.”

The Agribusiness: Intergeneration Farming Report can be accessed at bit.ly/3PxuOFh