Measuring for Success – priming Australia for the next golden age of agriculture

New report shows quantifying natural capital a key to unlocking future opportunities for Australian agricultural produce

New opportunities from natural capital accounting and greater transparency in agricultural production are key takeaways from a new report from PwC Australia that assesses trends in access requirements for international markets.

The report, Measuring for Success – priming Australia for the next golden age of agriculture, prepared by PwC for Farming for the Future, underlines a clear trend amongst regulators and consumers towards an increased expectation for transparency in relation to a product’s environmental footprint.

The report’s recommendations are broad and require whole-of-system collaboration and change to be actioned. The response requires all aspects of the agriculture supply chain – particularly policymakers and industry bodies – to support producers in the consistent collection, measurement and reporting of data relevant to the production of their food and fibre.

For Australia to be able to access premium markets into the future, we must respond to regulatory and consumer trends demanding greater traceability and transparency today. The opportunities for Farming for the Future to play a leading role in helping the system to explore, validate and action these recommendations are both significant and exciting.

The future for Australian agriculture

Growing the value of Australian agriculture solely through increased production using current farming methods is unsustainable – we must also lift the profitability of our agricultural products. Doing so requires either reducing input costs by adopting new production methods including more strategic use of on-farm natural capital, or increasing income by maximising access to markets around the world, so that Australian products that leave our shores can realise the most lucrative price premiums wherever they may be. To access the most lucrative markets, Australian products will increasingly need to be able to quantify their clean, premium and sustainable credentials to meet regulator and consumer expectations. The research and evidence being generated by Farming for the Future will assist the sector to understand, and optimise, the economic implications to farm businesses, farming families and rural communities.

Click below to access the full report.