I would then like to discuss why it is that, despite these uncertainties, the medium-term global environment facing the Australian farming sector is quite favourable. And then finally, I would like to briefly touch on current conditions in the farming sector in Australia. Global uncertainties It is clearly a difficult time for the world economy.
Financial markets remain captivated by the unfolding events in Europe. The authorities there are dealing with a very difficult combination of excess government debt and weak banking systems. The problems are compounded by the weak growth prospects in the region and increasing fear of widespread contagion.