The Commonwealth Bank Agri Insights Index shows a strong pro-investment trend in South Australia, with 24% of farmers saying they intend to spend more on investment and technology.
Farmers in SA are twice as likely to be looking to buy more land than Australian farmers in general.
The bi-annual survey of 1600 Australian farmers found eight per cent of South Australian farmers intend to increase their landholding in the next year, compared with four per cent of farmers nationwide.
More than a quarter of local farmers plan to boost investment in plant and equipment – slightly higher than the national average – and 24% say they will spend more on innovation and technology.
Fourteen per cent say they will increase investment in education and training, and a third say they will invest more in fixed infrastructure.
The results reflect “the optimism that comes from a steady and reliable sector”, said Natasha Greenwood, the Commonwealth Bank’s general manager for regional and agribusiness banking in South Australia and Western Australia.
“The trend over the past 12 months is one of pretty strong investment intentions, and that’s a really good news story for the state,” Greenwood said.
“While some parts of the South Australian economy, including the mining and manufacturing sectors, have faced some turbulent times, agriculture continues to hold its own.”