Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Red meat risks being bit player in economic revival

5 July 2013

Red meat risks being bit player in economic revival

One of the historical foundation stones of the New Zealand economy, the beef and lamb industry, is at risk of being an insignificant player in the country’s economic recovery, says the country’s biggest rural lender ANZ Bank.

“The soft commodity outlook is improving. The food and beverage sector is thriving. Businesses which develop NZ primary production into desirable products are the new stars of the economy. Among all this, beef and lamb – the red meat sector - is stuck in its ways and won’t benefit unless bold action is taken,” said Graham Turley, ANZ’s Managing Director Commercial & Agri.

He said the third annual Red Meat Sector Conference, which starts on Sunday, came at a critical moment in the industry’s history.

“Beef and lamb exports have been an important foundation stone in New Zealand’s economic development. But the fractured nature of the industry, with its poor planning, means it’s now at risk of missing out in the country’s economic recovery.

“The dairy industry has done really well in recent years as a result of investments across the whole supply chain and the red meat sector needs similar attention.

“Top of the agenda for all participants at the conference should be how to inject new thinking and new leadership into the industry.”

The conference is jointly hosted by the Meat Industry Association of New Zealand Inc and Beef + Lamb New Zealand Ltd. ANZ is the principal sponsor.

Mr Turley said that among the key challenges for the industry were reversing the trend of decreasing supply of lambs, lowering production costs, and increasing profit. This will require reinvestment across the whole industry, integration of the supply chain so farmers are rewarded for supply of the right product at the right time.

“It’s crucial that farmers make a commitment to the supply chain so that the marketers and processors can invest in efficient processing and new markets with confidence to enable higher returns,” Mr Turley said.

“Fortunately, there is increasing recognition of the need for a new industry model integrating the supply chain.”

Mr Turley said the conference will be a great opportunity for the entire sector to meet, network and address the fundamental issues facing the industry. “I have enormous confidence that red meat will be a key part of New Zealand’s economic future, but a lot of brave decisions and hard work must happen first.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news