Agriculture Competitiveness White Paper aims to boost farming in Australia

It's been a long time coming, but the Australian government has finally released its Agriculture Competitiveness White Paper, announcing a series of changes that it believes will help support the country's vital agribusiness sector.

Prime Minister Tony Abbott and Agriculture Minister Barnaby Joyce described the newly completed white paper as "an investment in our farmers and our competitive strengths in agriculture" in a joint press release on July 4. To support farmers and their operations, the document outlines a number of commitments designed to make the sector stronger, more lucrative and poised to seize key opportunities at home and abroad.

Specifically, the paper describes tax changes, investments and trade agreements that should help agribusiness become more 'profitable' and 'resilient'.

These include:

• Changes to the tax system with offsets and deductions for fencing, water infrastructure, fodder assets and other measures, as presented in the Federal Budget
• Millions of dollars invested in improving the supply chain, cooperation and business model strategies
• Reductions in red tape to streamline operations, such as veterinary approvals
• Massive investment in infrastructure, including water, transport and communications
• Long-term support offered to assist with drought mitigation and risk management
• Funds allocated to research and development, better tools and industry protections

The white paper has been welcomed by the National Farmer's Federation.

"This is an important day for Australian agriculture. After almost two years, and more than 700 submissions, we finally have a clear commitment from government to foster a stronger, more prosperous and vibrant agriculture sector," said the group's president, Brent Finlay.

Predictably, the opposition camp has highlighted some of the weaknesses of the document, with Joel Fitzgibbon calling it a 'mirage' lacking real substance or goals.

While we may need to wait to see just how some of these proposals and commitments materialise, agribusinesses can take initiative to enhance and protect their operations, while preparing to seize opportunities that do emerge for improved resources, tax benefits and favourable export terms.