Policy for Agricultural Drought in Australia: An Economics Perspective

O'Meagher, Bruce

doi:10.1007/1-4020-3124-6_11

Cited by 4 publications

(2 citation statements)

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“…The economic impacts of drought create winners and losers in agriculture (O'Meagher, 2005). Winners include farmers able to benefit from higher prices locally (e.g.…”

Section: Economic Impacts At the Farm/enterprise Scalementioning

confidence: 99%

“…Providing examples of public interventions, O'Meagher (2005) summarises several public investments in Australia to mitigate drought impacts, which reached around $1.2 billion in 2002–2003. Nicholson et al (2011) found that by the end of the 2002–2007 drought, the owners of around 70% of agricultural land in the country had received some level of drought‐related government financial support.…”

Section: A Review Of the Evidence Of Drought Impactsmentioning

confidence: 99%

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The economics of drought: A review of impacts and costs

Fleming

Whitten

Bonnett

2023

Aus J Agri & Res Econ

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Although a growing body of literature studies drought impacts, papers providing a comprehensive review of drought's social and economic impacts are scarce. This paper fills this gap by exploring the consequences of drought on societies based on research findings in Australia—a large country used to experiencing severe droughts. To do this, we propose a framework to categorise drought impacts in three dimensions: individuals/households (including health), productive sectors and system (including economic and ecosystem) impacts. The framework then guides a systematic literature review and discussion of studies looking at diverse drought impacts and their related costs. By analysing and discussing the findings from this literature, we emphasise different policy considerations, empirical challenges and research needs to support robust analysis and estimates of the true cost of droughts. We conclude by proposing an expanded framework to identify drought impacts and a discussion of the implications of the review for policy development.

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“…The economic impacts of drought create winners and losers in agriculture (O'Meagher, 2005). Winners include farmers able to benefit from higher prices locally (e.g.…”

Section: Economic Impacts At the Farm/enterprise Scalementioning

confidence: 99%

Section: A Review Of the Evidence Of Drought Impactsmentioning

confidence: 99%

The economics of drought: A review of impacts and costs

Fleming

Whitten

Bonnett

2023

Aus J Agri & Res Econ

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Agricultural Development in Northern Australia

Noble

Dennis²,

Larkins

2019

Agriculture and Resilience in Australia’s North

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How drought affects the financial characteristics of Australian farm businesses

Kingwell

Xayavong

2016

Aus J Agri & Res Econ

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The financial performance of 240 farms in a drought-affected agricultural region of Australia is analysed. The decadal study period included some years of widespread drought, as well as years with only subregional droughts or no drought. Some droughts created larger adverse financial impacts than others. Mostly, the more droughts farms experienced, the worse was their financial performance relative to farms within the same quantile of farm performance. Despite the incidence of drought, by the end of the decade, almost all the farm businesses were wealthier from increasing their farm size and becoming more crop dominant. Unexpectedly, consecutive years of drought had a significant positive effect on the operating profit per hectare and retained profit per hectare of farms in a majority of their respective quantiles. Many farms that experienced consecutive drought were forced to make structural changes, shifting away from livestock production towards additional cropping. These structural changes boosted farm performance over the decade. The incidence of drought affected some measures of farm performance differently whilst others were affected similarly. Understanding these metrics of farm performance and the structural changes underway in an agricultural region helps form a more complete view of drought impacts.

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Policy for Agricultural Drought in Australia: An Economics Perspective

Cited by 4 publications

References 0 publications

The economics of drought: A review of impacts and costs

The economics of drought: A review of impacts and costs

Agricultural Development in Northern Australia

How drought affects the financial characteristics of Australian farm businesses

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