Mid-season Farm Confidence Survey
This report summarises the January 2024 Federated Farmers Mid-Season Farm Confidence survey results. The survey is undertaken twice a year (January and July) and this is the 30th iteration.
Key Messages
The January 2024 survey saw a recovery in farmer confidence, up from record lows last year.
Key points follow:
- General economic conditions (current): A net 55% of respondents consider current economic conditions to be bad, a 25-point improvement from July 2023 when a net 80% considered conditions to
be bad.
- General economic conditions (expectations): A net 0.9% of respondents expect general economic conditions to improve over the next 12 months, a 71-point improvement from July 2023 when a net 70% expected conditions to deteriorate.
- Farm profitability (current): A net 3.1% of respondents report making a loss currently, a 4.9-point worsening from July 2023 when a net 1.8% reported making a profit.
- Farm profitability (expectations): A net 21% of respondents expect their profitability to decline over the next 12 months, a 49-point improvement from July 2023 when a net 70% expected it to decline.
- Farm production (expectations): A net 6.0% of respondents expect their production to increase over the next 12 months, a 13.5-point improvement from July 2023 when a net 7.5% expected it to decline.
- Farm spending (expectations): A net 4.0% of respondents expect their spending to increase over the next 12 months, a 15-point improvement from July 2023 survey when a net 11% expected their spending to decrease.
- Farm debt (expectations): A net 0.3% of respondents expect their debt to increase over the next 12 months, down 14 points from July 2023 when a net 14% expected their debt to increase.
- Ability to recruit (experienced): A net 23% of respondents reported it has been harder to recruit skilled and motivated staff over the past six months, down 9 points from July 2023 when a net 32% reported it had been harder.
- Greatest concerns (current): The four greatest concerns for farmers are Debt, Interest & Banks; Farmgate & Commodity Prices; Regulation & Compliance Costs; and Climate Change Policy & ETS. The proportion considering their concerns are affecting their mental health & wellbeing fell from 69% in July 2023 to 52% in this survey.
- Highest government priorities: The four highest priorities farmers want the Government to address are Fiscal Policy; Economy & Business Environment; Regulation & Compliance Costs; and Monetary Policy.
To read the full report click opposite.