Drought slashes Australian farm output to record low

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Some interesting analysis from Phys.org:

Australia’s hottest and driest year on record has slashed crop production, with summer output expected to fall to the lowest levels on record, according to official projections…

The country’s agriculture department said it expects production of crops like sorghum, cotton and rice to fall 66 percent—the lowest levels since records began in 1980-81.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.