The report was prepared by CommBank Agri Insights and includes input from 1,405 Australian farmers, including 243 grain growers.
According to the survey, 19% of grain growers intend to increase their area of land over the next 12 months, which compares with an average of 9% of all landholders who said they intend to increase their area.
Meanwhile, 40% of grain growers said infrastructure, plants and equipment was their biggest area of investment in 2017, and 45% said they plan to increase their investment in such areas in 2018.
Forty-five percent of grain growers said they will increase investment in technology and innovation in 2018, with 33% of those grain growers indicating they are being motivated by productivity and efficiency gains.
“These results show that Australian growers have their eye on the future,” said Adrian Parker, general manager of specialized agribusiness solutions at Commonwealth Bank. “Even though the last harvest was considerably down on recent records, Australian growers are still intent on investing in their operations, because they recognize that agribusiness is a long-term prospect. They’re evolving their operations to be ready for upcoming opportunities. Already we’re seeing this demonstrated with a much better outlook for the summer season.
“In addition, the new Trans Pacific Partnership has just been signed. With nearly a fifth of Australian grain exported to TPP countries, growers will certainly be looking for opportunities out of that. The ongoing ‘dining boom’ is another example of future opportunity for the sector, as the continued growth in global incomes continues to drive demand for quality food.”