The new DairyBase budgeting feature will help farmers with forward planning by allowing them to plan and make forward estimates of their business performance.
Agriculture Minister David Littleproud welcomed the new DairyBase Budgeting feature, saying it would support farmers in identifying more opportunities to drive profit and manage risk.
“This is another advance in digital tools to assist dairy farmers in their forward business planning,” Mr Littleproud said.
“The existing DairyBase tool only allowed users to assess the historical performance of their business without enabling any forward planning.
“Now, with the new budgeting feature farmers will be able to adjust financial parameters, such as milk income, the cost of fodder and water and the number of livestock – and receive useful estimates of what their operating cash surplus will be at the end of a year.”
Farmers will be able to select a year from the historical data that resembles the current budget year, based on expected seasonal conditions and physical results from the farm, and make adjustments to better prepare them for the current season.
DairyBase users will be able to leverage their historical data and estimate business performance for the current season, which will assist with forward planning and risk management.
“I encourage dairy farmers who are yet to use DairyBase to head to the Dairy Australia website, register and start exploring the benefits of the tool,” Mr Littleproud said.