According to the federal Australian Bureau of Agricultural and Resource Economics (ABARES), agricultural exports will reach a record $75 billion in 2022-23.
Australia's winter crop production, primarily driven by wheat, is expected to set a new high of 67.3 million tonnes in 2022-23. The total value of production, including fisheries and forestry, is expected to reach $96 billion, a new high.
"Australia is benefiting from a third consecutive year of high rainfall, and the figures reflect this," said ABARES executive director Jared Greenville in a statement.
"We're seeing record levels of production once again, fueled by exceptional growing conditions and high commodity prices."
Wheat and canola production is expected to set new records, according to Greenville, with ABARES anticipating the third-highest barley production on record.
Total output is expected to be lower in 2023-24, though it will still be the third highest on record at $81 billion.
Because of a rare multi-year La Nina weather phenomenon that brings more rain, Australia's eastern region has experienced a wave of heavy rainfall in recent years.
The Ukraine conflict has also pushed up commodity prices, including wheat, Australia's most important agricultural export.
