Australia’s farmers have almost $6 billion sitting in tax haven accounts and most are financially secure despite a much smaller national grain harvest and big fluctuations in cattle prices.
Australia’s farmers have almost $6 billion sitting in tax haven accounts and most are financially secure despite a much smaller national grain harvest and a wild ride for cattle producers over the past 12 months.
“We had customers who have never made so much money as they did in those two years, mainly in cropping but in livestock as well,” he said. Mr Clark, who is chairman of WA’s Rural Business Development Corporation, said farmers who had deferred tax payments faced a squeeze going into 2024-25. Queensland cattle producer Adam Coffey said the price variations had made it difficult for producers and other players in the supply chain.
Mr Coffey, the deputy chairman of Cattle Australia, said the wild ride had given some of the more agile and experienced producers the opportunity to grow their businesses.
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