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The primary objective of the Identifying revenue opportunities for AgriFutures Australia’s rural industries project was to identify potential new and alternate revenue sources within 28 of AgriFutures Australia’s levied and emerging industries, and for Australian agriculture generally. Through a combination of stakeholder consultations and literature reviews, additional, new and alternate revenue sources were identified. These revenue sources range from completely new and novel opportunities to those previously explored but that could benefit from further investment. Similarly, what may be ‘old’ in one industry may well be new and untried in others.

New revenue opportunities may contribute to industry profitability and sustainability in four ways. Firstly, they provide diversification, reducing reliance on existing sources of income and thereby enhancing resilience against economic fluctuations and environmental uncertainties, such as drought or market downturn. Secondly, they can promote sustainable practices and innovation, encouraging industries to adopt environmentally friendly and technologically advanced approaches, which in turn supports long-term viability. Thirdly, they can foster economic growth and job creation in rural areas, helping to counter urbanisation trends and maintain vibrant rural communities. Finally, they can strengthen Australia’s position in the global market by tapping into emerging trends and consumer demands, ensuring the continued competitiveness of its rural industries on a global scale.

Industry-specific challenges

Specific insights relating to the Australian buffalo industry include:

1. Buffalo welfare, indicated by the live-export mortality rate, is four times higher than that of cattle.

2. Inadequate infrastructure is hindering industry growth and development; the industry relies on a solitary abattoir for out-of-spec export animals.

3. Price competition for non-export meat impacts how much buffalo can be sold for in Australia.

4. Habitat destruction by free-range buffalo is causing conservation concerns.

Industry-specific opportunities

Specific opportunities relating to the Australian buffalo industry include:

1. Providing economic opportunities for Indigenous communities by empowering harvesting and management employment opportunities. Sustainable land management practices that yield positive environmental and biodiversity benefits through controlled and strategic harvesting should also be implemented.

2. Product positioning, differentiation and marketing – ‘organic’ production on native grasses free of hormones and antibiotics and promoting the unique and exotic flavour of buffalo meat as an authentic Australian food experience for consumers.