Financial performance of farms in northern Australia

Agricultural production in northern Australia was valued at $3.7 billion in 2004-05, around 10 per cent of the total value of Australian agricultural production of $35.9 billion. Northern Australia is defined in this paper to include the Northern Territory, together with the Kimberley and Northern Pilbara regions of Western Australia and the Far North, North West and Northern regions of Queensland. While Northern Australia is host to a diverse range of agricultural activities, beef cattle is by far the most important activity, accounting for 45 per cent of the gross value of production. Sugar contributed 25 per cent of the value of production in 2004-05, followed by a range of tropical fruits, particularly bananas, mangoes and table grapes. In the Northern Territory, beef cattle make an even more important contribution, accounting for 81 per cent of the Northern Territory's gross value of agricultural production of $317 million in 2004-05. Currently, agriculture is the third ranked industry sectorin terms of its contribution to the Northern Territory economy, behind mining and tourism. The value of mineral and energy production totaled $2.3 billion in 2003-04, with energy minerals (oil, natural gas and uranium) accounting for 41 per cent of the total. Tourism is the territory's second largest revenue earner, contributing over $1 billion a year to the Northern Territory economy in recent years.