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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 goat fibre industry include:

1. There is an ageing industry demographic and a lack of succession planning. Young farmers need to be encouraged to enter the industry, while current producers need incentives to expand.

2. Barriers to entering the industry include challenges in securing initial stock and limited information to inform the decision on whether to enter.

3. There is limited industry information for both participants and consultants regarding on-farm management practices and the intricacies of navigating the post-farm gate supply chain.

Industry-specific opportunities 

Specific opportunities relating to the Australian goat fibre industry include:

1. Using goats for weed management and fire prevention in remote or inaccessible areas where conventional control methods are impractical. Their unique grazing patterns make them an ideal addition to sheep, cattle and cropping enterprises for effective weed control and pasture improvement.

2. Tourism and visitor economy opportunities, such as petting zoos, weekend stays, goat yoga and dining experiences. Currajong Commons is an example of an operation successfully using tourism in its enterprise.

3. Australian branding – Australian cashmere is highly regarded in the cashmere industry as it is substantially free of major contaminants, such as grease, soil, vegetable matter and lice egg casings. Most producers have obtained Responsible Mohair Standards certification, but the mohair is not differentiated from other mohair at the processing level.