The Chairman’s Report from this Taskforce has recently been released. While certainly, many in our farming sector have been doing it really tough, there are also many international pension funds and companies lining up to buy farms here. I suggest we need to look hard at our farm sector. I suggest we need to move from basing our agriculture on industries producing commodities to one based on companies producing products for niche markets. One way to do this is to get our farmers to work together in cooperatives, equity partnerships, marketing groups etc to get the scale needed. Working together would also be a way to apply the fascinating new farm management systems being developed.
The 2016 Qld Budget has a welcome addition to its useful Advance Qld program to build knowledge based industries. We really cant keep going with just exploiting natural resources. We have a good education system but have not built into this the business skills we need to succeed in the modern world. Also, our universities are too detached from our economy. Its a broad mindset issue.
Its good that we had 1.1% GDP growth in the March Quarter. Trouble is its all due to exports, not domestic growth. National income is still going backwards. We desperately need an innovation program that doesnt get cut every time a Coalition Government wins and tax reform encourage investment in companies not houses.