AUSTRALIAN agribusinesses have notched up their best quarterly performance on record, according to a new survey.
The latest Westpac and Charles Sturt University Agribusiness Index shows a further lift in the average business, employment and investment indicators for more than 1300 businesses in agriculture and related industries.
Westpac agribusiness chief executive Graham Jennings said Australian agricultural producers had seen a steady improvement in their economic circumstances since the survey first began in 2006.
He said producers recorded their highest economic performance in the history of the survey in the March quarter. The overall result across Australia also hit the highest level ever recorded.
Mr Jennings said NSW and Victorian producers had been buoyed by recent rainfall, with many reporting improved conditions. However, some pockets are still suffering the effects of drought.
Although Queensland producers were affected by floods, they were still reporting a very positive outlook, he said.
But Mr Jennings said West Australian and South Australian producers recorded lower results than in the December quarter.
South Australia saw a return to normal expectations after bumper rainfalls.
