The Westpac intergenerational farming study released on August 11 surveyed 405 farmers across Australia, comparing the perspectives of younger farmers to their older counterparts.
The report found 74 per cent of farmers believe there are either many or unlimited opportunities ahead for younger generations in their family.
The report broke it down further to conclude 78 per cent of younger farmers see many or unlimited opportunities compared to 70 per cent of older farmers.
“Our research shows strong sentiment and opportunities for farmers of all generations,” Westpac's Peta Ward said.
According to the survey, as a result of changes over the past 10 years, 72 per cent of farmers have adopted new farming practices, while 71 per cent said they have increased profitability in the farm.
“We’re seeing farmers continue to up-skill and invest in both technology and machinery to help improve efficiencies and work smarter," Ms Ward said.
“We are experiencing strong demand for credit, not only for purchasing farm land but for equipment and property improvements.
“So combined with high levels of savings during the pandemic, farmers and industry confidence is sky high.”
The report also examined which states and territories experienced the largest increases in physical farm size over the past decade, as well as the highest increase in profitability across the same period.
South Australia led the charge for farm size, with 82 per cent of farmers reporting the largest increase in physical farm over the past 10 years, compared to 60 per cent in NSW.
Ninety-four per cent of Tasmanian farmers experienced the highest increase in profitability across the same period, 88 per cent in the Northern Territory and 81 per cent in Queensland.
The farmers were surveyed between February and March with the study sample drawn from a data base of more than 80,000 family producers.
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