AUSTRALIAN agriculture has the opportunity to regain its economic powerhouse status.
But rather than Australia riding on the proverbial sheep's back as it did last mid-century, the nation will be figuratively riding on a new animal called agribusiness.
That's the opinion of Liberal WA Senator Chris Back, who says there is an urgent need for Federal and State governments to re-assess the business of agriculture.
"Agriculture underpins agribusiness, which is the second biggest wealth generator in Australia at the moment behind mining and when mining declines it will be the biggest wealth generator," Senator Back said.
"There needs to be a paradigm shift in thinking that sets up an industry capable of maintaining a long-term future healthy economy for this nation with less reliance on a mining industry," he said.
"Unlike mining, agriculture is here to stay and we all know the numerous facts about the needs of the world requiring quality food.
"The urgent need is investment in agriculture and governments should be facilitators of that investment, not funders.
"They can become more business-friendly and facilitate ways to assist business, such as cutting red tape or providing tax incentives.
"I also believe the Federal Government can make it attractive for Australian superannuation funds to be invested in agriculture rather than investment being made by overseas super funds.
"And it could immediately underwrite a premium pool for crop risk mitigation until sufficient funds are established and the agribusiness sector takes complete responsibility.
"An insurance scheme would be by far the single biggest confidence boost to the industry, providing more certainty for all players.
"The government can also assist in levelling out the playing field for farmers to stop the declining terms of trade trend.
"For example, China has signed a Free Trade Agreement (FTA) with New Zealand.
"Why can't Australia do that?
"There's also a need for a FTA with South Korea which currently penalises us to the tune of between 15 and 20 per cent for the meat we export to that country.
"FTAs are the starting point because we need a whole new structure on the way we trade."
Senator Back said Australia had to regain lost ground in the agribusiness sector caused by the current Federal Government's ignorant policies.
"Australia is on the nose in South East Asia and the Middle East," he said.
"We've upset cultures, who believe they have lost face by our actions, such as the live cattle export ban to Indonesia and ESCAS (Exporter Supply Chain Assurance System) implementation.
"It's the biggest policy failure of this government because it has created antagonism towards Australia as a country which is rude and arrogant.
"It's not helping our cause to grow markets and even seek investment from those markets.
"We need to mend a lot of fences in very important export markets and even though people have long memories, I believe we can turn it around."
Senator Back's optimism is based on a will by the Federal Coalition to elevate the status of agriculture and by definition, agribusiness, after this year's Federal election.
"If we are elected to govern there are people with vision, energy and drive to step up to the plate and (Liberal leader) Tony Abbott has put agriculture on his agenda, which is significant," he said.
But he did concede that currently neither side of politics had a big picture for agribusiness.
"That will change but we need the agribusiness voice in Canberra," Senator Back said.
"In politics, consensus is the name of the game which is why I support a peak body representing all facets of agribusiness - from farming, to finance, logistics, trade, education, etc.
"We've got to stop the fracturing and negativity of the industry and set up a united professional industry which will have more clout with politicians."
Senator Back said another pressing need was for more research and development (R&D) funding.
"Agricultural production risks flattening out unless we have the type of people like the ones who introduced world-leading practices into agriculture last century," Senator Back said.
"They're old now and it's time for young people to step up but we need to make it attractive for the younger generation to be involved in R&D.
"The so-called Asian Century opportunities will be just hollow words unless we seriously address R&D."
