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.”

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news