Rockhampton-based Senator Matt Canavan has welcomed wholesale cattle prices hitting a record high.

“This is great news for cattle producers, particularly here in Central Queensland, and for businesses and families in Rockhampton, the beef capital of Australia,” Senator Canavan said today.

“Record prices reflect strong demand for cattle on local and export markets. They will mean more money in farmers’ pockets, and in turn more spending and more employment in communities throughout Central Queensland.

“We might see the price of red meat rise a little in our supermarkets but, overall, good cattle prices are good for CQ communities.”

Senator Canavan was commenting after the Eastern Young Cattle Indicator – a benchmark price for cattle – on Wednesday hit 600 cents a kilogram for the first time on record.

“This week’s cattle prices reflect renewed confidence after some reasonable summer rain in Queensland but have also been produced by continuing strong international demand.

“The Coalition Government has opened seven markets for live exports, including most recently China, and signed four new free trade deals with Korea, Japan, China and the Trans-Pacific Partnership between 12 nations.

"Australia has exported record volumes of live cattle, as well as chilled and frozen beef, and now we are seeing record prices in saleyards right across the country.

“The Eastern Young Cattle Indicator is more than twice the low point of 278 cents in May 2013.

“Strong international demand, a lower Australian dollar and tighter cattle numbers have produced terrific prices for our cattle, and CQ producers and communities are set to benefit.”