Farmers ‘need more secure R&D funds to meet climate challenges’

Australian agriculture is unlikely to meet a national target to become an industry worth $100 billion annually by 2030, largely due to climate change and fragmented R&D funding, a federal agency report has said.

Industry growth rates suggest there will be a $15.7bn shortfall in meeting this goal, the report says. The target was set by the National Farmers’ Federation in 2017 as part of “a bold vision” to encourage more investment in rural research.

The report, by federal rural R&D funding agency AgriFutures and ACIL Allen Consulting, warns that climate change, drought and decreasing water supplies for irrigation are already “significant risks” for most farm industries.