Agriculture department report says changes in climate since 2000 have reduced revenue of cropping farms by $1.1bn a yearClimate change has cut Australian farm profits by 22% a year over past 20 years, report saysClimate change has reduced Australian farms’ average annual profitability by 22%, or around $18,600 per farm, in the past two decades, according to the agriculture department. Since 2000, climate change has had a negative effect on the profitability of broadacre farms in Australia. Cropping farms were the worst hit, with revenue down 8% or around $82,000 a farm, and a 35% reduction in profits, or $70,900 for a typical cropping farm. Climate change increased downside risk, with the chance of “very low” profits – below 2% – more than doubling since 2000. For an Australian beef farm, profit falls from $60,000 in a typical year to a loss of $5,000 in a dry year.

Source: The Guardian December 17, 2019 17:01 UTC