THE Australian Bureau of Agricultural and Resource Economics and Sciences' (ABARES) has flatly quashed breathless media speculation the COVID-19 pandemic combined with the recently-broken east coast drought may lead to issues with Australian food security.
Data released by ABARES in its Insights report found Australia had one of the highest levels of food security in the world and that the temporary shortages of staples experienced in the wake of panic buying last month did not indicate a more serious problem with food security.
It found that Australia produces enough food to feed over 75 million people, even accounting for drought.
ABARES executive director Steve Hatfield-Dodds said the concerns about food security were understandable, but misplaced.
"Australia does not have a food security problem, with Australia exporting about 70 per cent of agricultural production," Dr Hatfield-Dodds said.
"Some of our largest industries, such as beef and wheat, are heavily export focused," he said.
Other industries have a stronger focus on the fresh market domestically, such as horticulture, pork and poultry but supplies are still more than adequate.
Dr Hatfield-Dodds said there was food imported into Australia, which accounted for 11 per cent of total food by value.
"These imports play an important role in meeting consumer preferences for taste and variety," Dr Hatfield-Dodds said.
Dr Hatfield-Dodds said any fluctuations in terms of agricultural production were felt by the export sector.
"Australian agricultural production and food supply chains are adapted to cope with our very variable climate," he said.
"This results in stable supply for domestic consumption, while exports absorb the ups and downs associated with wet and dry periods," Dr Hatfield-Dodds said.
He cautioned, however, there could be further short-term disruptions both for Australian food exporters and importers caused by supply chain interruptions.
"Australian agricultural producers do rely on global supply chains and imported inputs," he said.
"Shortages or disruptions to these inputs have not yet been widespread but could impact on profitability."