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Australian agriculture has long been based on a foundation of family farming units, with farms owned and operated by farm families whose members supply most of the labour involved in operating the farm. According to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), there are over 85,000 farm businesses in Australia, 99 percent of which are family owned and operated.
Farmers who own and run a family farm business tend to be mostly self-employed, tend to work considerably longer hours than most other occupations and retire at a later age (ABS).
Statistics show that the proportion of farms being transferred to a successor is declining. The consolidation of small farms into larger operations, combined with smaller families increasingly means that farms are relying on employed labour rather than family labour. Interestingly, while the traditional belief is that family labour is more efficient than employed labour, available statistics suggest that is no longer the case.
Understanding the factors underpinning this trend for both the current generation of owners and potential successors is critical to designing strategies to act as incentives for individuals to remain on or return to the farm and ensuring the continuation of family farming.
In this episode of the QFF Farm Business Hour, we will discuss family business governance and legal issues including:
LIVE VIA ZOOM
(or access the session recording post-event)
Subscribe to QFF’s weekly ’10 things to know’ e-bulletin stay up to date with the latest news affecting Queensland agriculture.
Get ’10 things to know’ weekly direct to your inbox.