The RBA has published three good Bulletin articles in the last week. The first deals with trends in the farm sector and concludes:
"Over time, the size of the farm sector has fallen relative to other sectors in the economy. However, the sector still has an important influence on the nation's pattern of economic growth and its exports. Over the last couple of decades the composition of farm production has moved towards crops and away from livestock. This has had an impact on how drought affects overall farm output, as crop production tends to fall sharply and then recover quickly when the drought breaks, while livestock production is relatively more resilient in the short term but is slower to recover."
