The NSW Government’s Agriculture Economics research team is reporting that the state’s primary industries’ Gross Value of Production (GVP) has continued its strong recovery since the 2017–19 drought, reaching record levels in cropping and livestock.

Analysis of the latest data, from 2024–25 activities, confirms the sector has continued to bound upwards, with robust results across cropping, livestock and key sectors driving growth and jobs.

Over the last five years, primary industries’ GVP rose from drought‑impacted levels to a new record level of $25.5 billion, an increase of $13.6 billion or 114%.

The data shows particularly strong results in cropping and livestock:

• Cropping GVP surged 33% to $11.6 billion, supported by above‑average yields and record pulse production across much of the state.
• Livestock GVP leaped 28% to $7.2 billion, driven by record meat production volumes and strong price conditions, including exceptionally high lamb prices.
• Farm cash incomes are estimated to have hit record highs with the average broadacre far cash income estimated to have reached a record high of $419k, up 24% from the previous record high in 2021-22.
• The forecasts for 2025-26 have farm cash incomes staying relatively high (above 5 and 10-year averages)
• Average NSW broadacre farm has seen its equity ratio increase from 84.5% in 2014 to 91.9% in the latest data.

These results reflect favourable seasonal conditions in the central, coastal and northern districts of NSW and sustained global demand for quality NSW agricultural products reaching $13 billion. 

Farm balance sheets across NSW also remain in strong shape, positioning producers to confidently buffer future financial risks, including drought conditions.

Average broadacre farm capital reached $13.7 million in NSW, underscoring the financial strength of regional agricultural enterprises.

Backed by record production levels, strong financial health and continued investment in drought preparedness, NSW farm businesses are well placed to respond to seasonal and market conditions.

For the full report, visit the NSW DPIRD Performance Data and Insights.  

Minister for Agriculture Tara Moriarty said, “These numbers show that NSW producers have not only recovered from the 2017–19 drought, they have persevered through the volatility of the environmental conditions and foreign trading surprises, and emerged stronger than ever.

“Record production levels, improved seasonal conditions and strategic business management and investment have all contributed to these outstanding results.

“Our Government has invested heavily in supporting, protecting and developing our primary industries so that there is a helping hand and shared knowledge on innovation and biosecurity so that farm businesses can use these recent strong seasons to build financial resilience.

“The Minns Government has delivered more than $100 million in new research, development and extension capabilities so we can work together with our farmers to modernise the sector and increase productivity.

“Having a strong Government agricultural research team analysing data enables our Government to monitor seasonal conditions and understand any impact on farm businesses and communities.