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Australia:Farmers feel more confident |
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2004-9-14
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Farmer’s confidence has risen for the first time in more than a year, in the country.
The Rabobank rural confidence survey found 28 per cent of those surveyed believed the agricultural economy would improve in the coming 12 months - up from 16 per cent in the past quarter.
And the number of farmers with a negative view fell to 22 per cent from 30 per cent.
Rabobank head of rural banking Neil Dobbin said a turnaround in seasonal conditions was behind the change of heart among farmers.
"In particular, most of the major cropping areas of Australia received adequate rainfall to at least set up prospects of a good winter crop," he said in a statement.
"Improvements in dairy and sugar prices, along with continued strong livestock prices, contributed to lifting the aggregate sentiment in the rural sector."
The National Farmers'' Federation-Westpac commodity index also recorded an improvement on the back of price rises for cotton, canola and beef.
Dobbin said although farmers'' expectations had improved, there was still doubt in the rural economy.
"There are still a number of factors at play that are putting a brake on confidence rising too highly at the moment," he said.
"Recent decreases in wheat and other grain prices are obviously having an effect, while wool, cotton and oilseed price falls are also negatively influencing sentiment.
"Added to this, a number of areas of the country are still in need of decent rains to provide adequate soil moisture."
Rising fuel costs were a cause for concern.
More than 40 per cent of those quizzed expect higher incomes over the next year, while 19 per cent expect their incomes to fall.
Twenty-eight per cent of those surveyed expect to increase investment on their properties, while only 11 per cent expect to invest less. |
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