Australia's unemployment rate is the lowest in almost 50 years. That's good news, but not if you're throwing a barbecue. Here's why.
But while there is a greater supply of cattle, abattoirs haven't been able to keep up, according to Meat and Livestock Australia general manager Jason Strong.
"So you've got a squeeze going on in terms of not enough available for consumers, and therefore prices are holding pretty well," Global AgriTrends analyst Simon Quilty said. The other driver of red meat prices is inflation — the costs involved in producing beef, such as energy, wages, grain and fertilisers, have all increased significantly over recent years.
Despite the higher price for steak, the price of ground meat products has fallen by 5 to 8 per cent, according to Mr Strong."Products like burgers, sausages and mince are cheap to make because they don't require as much labour," he said.
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