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GROWTH IN AUSTRALIAN AGRICULTURAL SECTOR FOR EXPORT MARKET
Table of Contents
Introduction    3
Major issues    3
Actions to be taken    5
Conclusion    6
References:    7
Introduction
The agricultural sector in Australia is at a booming stage. The gross value of the farm production in Australia during the year 2017-18 has crossed $63.8 billion. The rise in production of farm products has led to a substantial increase in the exports. The contribution of agricultural sector in GDP growth is about 0.5percent of the total growth of 1.9 per cent. This signifies the importance of agriculture sector for the Australian economy. However, the agriculture contribution is expected to decline to $59.6 billion in 2020-21 from $62.8 billion at present. This is a major concern for the economists as well as the government. Agriculture sector provides employment to a large number of people either directly or indirectly. The issues will have a significant impact on the foreign exchange as agriculture produce contributes heavily to the export of the country. (Refer to the image below)     
Figure 1: Australia GDP Growth Rate
(Source: Trading Economics, 2018)
Higher the agriculture produce, higher will be the gross domestic product of the economy. If agriculture produce is high then the agriculture exports will also be high. The regulatory body will be able to bridge the gap of balance of payments. According to the views of Sippel (2015), the industry continues to be one of the major employment generator across the country. The above statements indicates the dependence of the economy on agriculture. However, as per the predictions, the agriculture sector is going to shrink that can have a negative impact on the economy.
Major issues
If the contribution of the agriculture sector in the economy reduces instantly then the gross domestic product of the economy will decrease. This will have a negative impact on the inflation, employment, foreign exchange and other macroeconomic issues. As per the opinion of Downes et al. (2014), decrease in growth rate of the economy will affect the trade relation with other countries. The agriculture sector has huge borrowings from private as well as public financial organisations. If the agriculture industry goes down then it will trigger the chances of bad loans that can hamper the progress of the economy. Rising bad loan will have a significant impact on all the industries irrespective of the fact whether they are related to agriculture or...