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.
• 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. For the full report, visit www.dpi.nsw.gov.au/about-us/publications/pdi