Confidence growing in the vegetable industry
Vegetable growers are feeling more confident about the future, with the latest results from the industry’s Economic Confidence Survey, conducted by national peak industry body AUSVEG, showing that confidence has increased by 19 per cent during the December 2015 quarter.
The survey comprises questions relating to how confident growers feel about key economic indicators, including macroeconomics, investment, the market and government policy. The confidence index was constructed based on the results from an initial survey conducted for the quarter ending March 2015.
“Australian vegetable growers are becoming more optimistic about the current economic climate,” said AUSVEG Economist Andrew Kruup.
“The rise in confidence this quarter is being driven by increased grower confidence in government policy and investment, with figures indicating levels have increased by 35.5 per cent and 28.8 per cent in these two categories respectively.”
“The increases in these two categories suggest growers may be more willing to invest in their businesses, which has the potential to increase their productivity and profitability.”
AUSVEG is the leading horticultural body representing more than 9,000 Australian vegetable and potato growers.
The overall confidence index has risen by over 124 per cent since the initial survey period.
“Grower confidence has increased in all economic indicators, with the strong increases in government policy and investment supported by increases in macroeconomic confidence (5.29 per cent) and market confidence (5.25 per cent),” said Mr Kruup.
“Contributing factors which may have led to this increase in confidence could include a more stable political environment at both federal and state levels, an increase in export activity, as well as interest rates remaining at the lowest rate in the last 20 years.”
“Growers must take all of these factors into account when developing plans for business investment. This increase in confidence is a positive sign that growers could be more willing to invest in their businesses, which could create jobs and strengthen the economic status of the Australian vegetable industry as well as the national economy.”
The AUSVEG Industry Development program is funded by Horticulture Innovation Australia using the National Vegetable Levy and funds from the Australian Government.
MEDIA CONTACT: Shaun Lindhe, Manager – Communications, AUSVEG
Phone: (03) 9882 0277, Mobile: 0405 977 789, Email: firstname.lastname@example.org