Australia

WHAT'S NEXT?: Australia will no longer be known for being as dependant on the export of natural resources over the next half century as in 2012. The need for new infrastructure to meet the strong population and economic growth of Australia will continue to be a priority for the medium term. There's no doubt the aftermath of China's credit boom poses a much bigger economic threat to Australia than Britain's withdrawal from the European Union. The Growth rate for Australia is expected to be stronger, although still below the long-term trend.

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• [New] The Reserve Bank of Australia held its cash rate steady at a record low 1.50% as expected and signalled to markets that the economy continues to improve.
• [New] Australian cotton production to recover Australian cotton production is forecast to rise by 64 per cent in 2016-17 to 1 million tonnes.
• [New] Cotton production is forecast to increase in Australia, Brazil, India, Pakistan and the United States.
• [New] In 2017-18 Australian sugar production is forecast to rise by a further 1 per cent to around 5.2 million tonnes because of a forecast increase in cane production from an expansion in harvested area.
• [New] World trade in oilseeds is projected to rise by 1 per cent a year to 167 million tonnes in 2021-22.
• [New] Barley production decreases in Australia and Canada will be partially offset by production increases in the European Union.
• [New] Area planted to coarse grains in 2017-18 is expected to decline in response to lower prices - particularly in the United States, Canada and Australia.
• [New] Wheat production is projected to increase modestly to 25 million tonnes in 2021-22 in Australia.
• Cotton lint yields in Australia are projected to remain largely unchanged over the medium term at around 2 tonnes a hectare.
• Australian sugar exports are projected to be around 4.7 million tonnes in 2021-22, supported by increased Australian production and strong import demand from the Republic of Korea, Indonesia and China.
• Australian coarse grain exports are projected to increase gradually over the medium term to 8.0 million tonnes in 2020-21.
• Export earnings for fisheries products in Australia are forecast to rise by 2.3 per cent to around $1.5 billion in 2017-18.
• Australian cotton exports to increase Australian cotton exports are forecast to increase by 44 per cent in 2016-17 to 774,000 tonnes.
• In 2017-18 world exports of raw cotton are forecast to increase by 6 per cent to around 8.2 million tonnes.
• Cotton exports from Australia are projected to increase to around 1 million tonnes in 2021-22 from a forecast 774,000 tonnes in 2016-17.
• The value of Australian sugar exports is forecast to increase by 41 per cent in 2016-17 to around $2.6 billion and in 2017-18 by 10 per cent to $2.8 billion as a result of higher world sugar prices.
• Sugar exports from Australia are forecast to be around 4.3 million tonnes in 2016-17.
• Australian sugar production is projected to rise at an average rate of 2.1 per cent a year over the medium term to reach around 5.6 million tonnes in 2021-22.
• World exports are projected to grow at an average annual rate of 2 per cent to reach around 69 million tonnes in 2021-22.
• In 2017-18 world sugar production is forecast to increase by a further 4 per cent to 183.1 million tonnes because cane and beet plantings are expected to increase in response to favourable world sugar prices.
• In 2021-22 sugar returns to Australian growers are projected to increase to average $56 a tonne (in 2016-17 dollars).
• The value of Australian canola exports is projected to average $1.5 billion in real terms-33 per cent above the 10-year average.
• Canola exports to remain strong Australian canola exports are forecast to fall by 7 per cent in 2017-18 to 2.8 million tonnes.

Last updated: 20 October 2017