Agriculture
30 July, 2024
Handle on robustness and risk
DISTRICT farmers explored the robustness of their farms and attitudes to risk at an Agriculture Victoria two-day workshop in Bridgewater last Thursday. Dr Kate Burke said that while the region’s agricultural sector was off to a good start compared...
DISTRICT farmers explored the robustness of their farms and attitudes to risk at an Agriculture Victoria two-day workshop in Bridgewater last Thursday.
Dr Kate Burke said that while the region’s agricultural sector was off to a good start compared with some parts of Victoria, it was important for farmers to look at their business models.
“We’re getting a handle on risk and attitudes to risk,” she said. “We are looking at all aspects of the business.
“But the main thing is that we are also learning from each other. The group for this workshop is a good mix of experience and youth enthusiasm.”
Dr Burke said crops in the area had a good start this season and that was building a positive outlook.
She said times of positivity were also when farmers should start preparing for difficult times.
The workshop explored season scenario planning, key profit drivers and high-level benchmarks, income versus cost of production and impact of rotation, calculating basic financial benchmarks and understanding a farmer’s appetite for risk.