- Dairy Australia has released new farm business tools, adding to the suite of measures already available through DairyBase
- The new budgeting feature will assist farmers with forward planning by allowing them to plan and make forward estimates of their business performance
- This enhances the existing DairyBase tool released in 2015.
Dairy farmers can now access new business calculators, making it simpler and easier for them to work out future budgets and manage their profit margins, thanks to a Liberal Nationals election commitment that has been delivered.
Minister for Agriculture, Drought and Emergency Management David Littleproud welcomed the new DairyBase Budgeting feature, saying it would support farmers in identifying more opportunities to drive profit and manage risk.
“This is another advance in digital tools to assist dairy farmers in their forward business planning,” Minister Littleproud said.
“The existing DairyBase tool only allowed users to assess the historical performance of their business without enabling any forward planning.
“Now, with the new budgeting feature farmers will be able to adjust financial parameters, such as milk income, the cost of fodder and water, and the number of livestock – and receive useful estimates of what their operating cash surplus will be at the end of a year.
Farmers will be able to select a year from the historical data that resembles the current budget year, based on expected seasonal conditions and physical results from the farm, and make adjustments to better prepare them for the current season.
DairyBase users will be able to leverage their historical data and estimate business performance for the current season, which will assist with forward planning and risk management.
“I encourage dairy farmers who are yet to use DairyBase to head to the Dairy Australia website, register, and start exploring the benefits of the tool,” said Minister Littleproud.
- The new DairyBase Budgeting feature has been developed by Dairy Australia with funding from the Australian Government. It is part of the government’s 2019 election commitment to support our dairy farmers and create a stronger business environment.
- DairyBase Budgeting can utilise outputs from the Milk Value Portal (MVP) to better assist farmers with their budgeting and planning.
- Once the historical year has been selected users will be able to adjust parameters for: milk price, livestock trading profit, feed purchase prices, fertiliser costs and water costs.
- Farmers can use the most recent financial year as their historical data set, or the historical year that best matches the seasonal forecast, both for operating structure and seasonal conditions.
- The DairyBase calculator allows farmers to identify opportunities to make informed decisions to improve profit and manage risk.