Given its importance to the overall Australian economy, it is also an industry that the Reserve Bank has paid close attention to over the years, and it continues to do so. Looking forward, no doubt the fortunes of the industry will continue to wax and wane.
And like many other parts of the Australian economy, the farming sector will need to continue the process of structural change. As I have talked about, this process is being driven, in part, by a fundamental realignment of global relative prices due to the re-emergence onto the global stage of the populous countries of Asia.