26 September 2023

Gates open for farm monitoring

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Agriculture Victoria is offering sheep and beef producers the opportunity to participate in the Victorian Livestock Farm Monitor Project (LFMP).

Farm Business Economist at Agriculture Victoria, Sam Henty said the LFMP had collected detailed physical and financial farm information from producers for 50 years and provided them with a thorough and independent report of their farm’s performance.

“For a farm business to achieve its goals it must first establish whether it can pay the bills, understand how efficiently it uses its resources and determine whether the owner is increasing their net worth,” Mr Henty said.

“Participants have said they use the report’s data for such things as obtaining or extending loans or to make short, medium and long-term business decisions,” he said.

“It’s a good opportunity to step back and look at your figures and input costs and review these elements.”

Mr Henty said participating producers would receive an annual individualised report with graphs and data from the reporting year.

“A participating farm business can use the results from this report to compare its performance over time and help identify the critical variables to inform and provide confidence for on-farm decision making,” he said.

Limited spaces are available in the 2019 – 2020 LFMP with further information, including past reports, accessible at this PS News link.

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