A new study into northern Australia’s beef industry could spark an estimated $3 billion-plus investment in the industry over the next decade.

Minister for Resources and Northern Australia Matthew Canavan said the Cooperative Research Centre for Developing Northern Australia’s (CRCNA’s) latest project, launched in Canberra today at Red Meat Week 2018, would look at maximising the economic potential of northern Australia’s beef industry.

“This $470,000 situational analysis is going to examine Northern Australia’s beef sector’s entire supply chain, from on-farm production through to export markets. It’s the sort of work that will underpin the future success, efficiency and profitability of an industry which already earns billions for our economy every year,” Minister Canavan said.

“The study will run over 12 months and be led by the CSIRO, with several peak bodies involved including the Northern Territory Cattlemen’s Association, Meat and Livestock Australia, AgForce Queensland, the Kimberley Pilbara Cattlemen’s Association and the Cattle Council of Australia.

“Key support will also come from the CRCNA which has committed more than $181,100 in funding towards the project, while industry participants will contribute almost of $290,000 in-kind funding.

“By examining a range of factors including infrastructure needs, investment pipelines and environmental considerations, it gives the industry a solid platform to plan and build for future successes.

“The draft study outcomes are expected to form the basis of the next Meat Industry Strategic Plan (MISP) and help peak industry bodies and stakeholders, including the CRCNA, develop future strategic investment plans.

“Given the commitment to this project by key industry leaders and organisations, it shows how important the sector is to businesses, industry and the entire northern Australian economy.”

The project is one of eight industry situational analysis studies funded by the CRCNA in 2017/18. Other industries the CRCNA will look into for Ministerial Forum consideration include rice, forestry, cropping, bush foods, aquaculture, health and infrastructure and communications.