The slaughter rate nationally has plummeted and the value of beef production is down almost 5 per cent on last year. "It's not just about loin cuts going to five star restaurants, it's also hides, offal, and the secondary cuts," Mr Hutchison said. Meanwhile, they are having to extract value from each carcass wherever they can. They are hoping things will turn around in the spring as livestock numbers rebuild. Patrick Hutchison from the Australian Meat Industry Council said processors were losing about $350 per head and most have been in the red for 12 months now.
When livestock prices are this high, processors lose money.
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"If you buy 50 steers or 30 cows with calves at foot you're looking to stump up over $100,000 … and that's a lot of money," he said.Ĭows not even in calf are also at record levels in some regions, hitting $3.57/kg at Gunnedah in north-west NSW. When the price of a pen of cattle pushed over six figures, buyers did hesitate for a little while, according to market analyst Tim McRae. The online selling platform AuctionsPlus saw turnover increase by $1 billion in the past twelve months. Most of the beef in Australia is exported, and with demand so high overseas it keeps the price high at home. The outbreak of Swine Flu in China decimated their pig population and they have switched to beef to fill the gap.
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Plus protein is in short supply globally. It got so bad that many farmers had to sell even their breeding animals, so building the numbers back up is going to take a long time.
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The drought really hollowed-out Australia's beef herd and sheep flock, and now the seasons have turned and the paddocks are full of grass again farmers are hanging on to every animal they can to rebuild. It's pretty much like a delicacy," he said. "It's a lot dearer for a family to feed on good steak. On the other side of town, butcher Jason Patton's family run a large outlet selling meat as close to wholesale prices as they can, but even he has noticed a change in consumer behaviour. Butcher Jason Patton has noticed his customers picking cheaper cuts as premium beef hits $70/kg.
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