For a transcript of this video, click here.
“Over the longer term you’d like that to be more stable,” Bennett said. “[That way] industry can just get on with knowing what's in front of them and producing to their advantage.”
Australia produces around 4 per cent of beef globally, Bennett said, but punches above its weight with around 15 per cent of global trade. About 70 per cent of Australia’s total production goes into the export market.
One producer looking at export opportunities in more ways than one is Andrew Olive of Raglan Station, an 11.5 thousand hectare property south of Rockhampton.
“The Indonesians the Filipinos buy a lot of boat cattle,” Olive told bluenotes. “Now they want to source the genetics so they come to where the genetics are produced.”
For Bennett, competition from the US is just one of a number of regions challenging Australia in the Asian beef market, including Europe, New Zealand and Canada.
“We do have strong competition in these markets,” he said. “We've had and enjoyed preferential market access to China for example for chilled beef.
“There's still an opportunity for Australian industry but there's a need to rebuild the herd first. And we're balancing that right now but we're still in early days of a rebuild. “
Jason Taylor is a Regional Executive, Central Queensland at ANZ