Farm production on the increase: ABARES

Farmers can expect to see the value of toiling the land increase over the next few years.

In the latest forecasts produced by the Australian Bureau of Agricultural and Resource Economics and Services the value of farm production is expected to be $54.4 billion in 2015/16, a 5.3 per cent increase on this financial year.

ABARES chief Karen Schneider is anticipating further growth over the medium term.

"In 2019/20, the gross value of Australian farm production is projected to be around $55.3 billion in 2014/15 dollars," she said in a statement on Tuesday.

This is around nine per cent higher than the five year average to 2013/14.

Farm export earnings are predicted to be $40.5 billion 2015/16, up slightly from the $40.3 billion estimated for this year.

The expectations are based on average seasonal conditions and world economic activity increasing by 3.3 per cent.

The forecasts were presented at ABARES annual two-day outlook conference in Canberra.