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Australian agriculture output revised upwards to $51.6 billion

Staff writer |
Australia's agriculture output has been revised upwards to AUD 57.6 billion ($51.6 billion) to July 1 for 2015-2016 financial year.

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This is an 8 percent year-on-year growth and 17 percent above the five year average.

Australia's national agriculture commodities forecaster ABARES equated the increase, to higher prices of lamb, sheep, wool and beef cattle, despite forecasts for beef exports being revised down as farmers reduce slaughter rates.

The Australian Bureau of Agriculture, Resource Economics and Rural Sciences (ABARES) trimmed slaughter numbers by just over 2 percent from its September estimate as farmers react to better than expected weather and the forecasted end to the El Nino weather pattern.

Export earnings for fisheries products are also expected to continue their recent growth, increasing by 17 percent to 1.7 billion Australian dollars after a 10 percent increase in the previous financial year.

"This reflects continuing strong demand from Asia and is expected to be driven by forecast increased export earnings for salmonids (up 35 percent), rock lobster (up 18 percent) and tuna (up 7 percent)," ABARES executive director Karen Schneider said.