Unlike the mining boom, which had a faster realisation of the benefits from investment in research a

The minimal production of food such as higher quality meat and dairy products has created a gap in the demand for China s fast growing economy. China is expected to spend about $US1.75 trillion on food in 2050, according to What China Wants, a newly released study by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), or about double the $US870 billion it spent in 2009.
The study takes on an optimistic view that China s expanding middle class will drive demand for high-value foods, such as beef, lamb and dairy goods. Australia s reputation for quality clean food could transition the Australian Economy from mining to dining; however critics argue our capacity and efficiency will hinder Australia s ability to become a formidable trading partner. THE NEW MINING BOOM?
As China transitions to a developed economy the decade long mining boom is slowing down, Australia is again looking to China and their growing demand for food to help ease the Chinese divestment in Australia. The dining boom is facing the issue of development of possible fertile land, where planned schemes across Australia may increase loft store total irrigated land area by a maximum of 11 to 12 per cent.
Unlike the mining boom, which had a faster realisation of the benefits from investment in research and development, in the agriculture sector, these much needed investments do not fully mature for another few decades. Therefore, unlike the mining boom the dining boom is constrained in the growth of its sector owing to the lack of the underlying foundation of research about new dams, water-efficient loft store irrigation methods, soil degradation etc.
Furthermore, loft store the market does not adequately cover the investor for agricultural production risks, such as variable weather. These factors all increase the risk of capital investment, and new investors may be deterred. Unlike the mining loft store boom, which saw the sector experience an influx of investment with projects whose value were in excess of $5 billion, the dining boom is lacking in such large scale investment. AGRICULTURE IN AUSTRALIA
Food plays a significant role in securing Australia s economy. In 2011 2012, food exports amounted to $30.5 billion, with more than 50% of these exports making their way to Asia (Department of Agriculture, Fisheries & Forestry [DAFF], 2011-2012). As a country, Australia is 10th in terms of food trade surpluses worldwide. Not only does food play an important role in the health and wellbeing of the Australian citizens, it also ensures jobs for local Australian farmers. 90% of the fresh food Australian citizens consume is produced locally. Furthermore, Australian loft store farmers produce enough food to feed 40 million people living outside of Australia. With the help of its fertile soil and impeccable quality control, Australia could potentially profit from the impending loft store dining boom .
The loft store prospect of securing a free trade agreement with China by the end of 2014 will largely influence Australia s future in food production. With current trends suggesting that food exports in Australia have been steadily increasing- (a 12.3% increase between the years 2011 and 2012, the highest since 2001-2002) scientists and agriculturalists have begun developing methods to counteract the issues currently hindering our capacity and production. INSIDER VIEWS
Contrary to positive statistical expectations of Australia being in the forefront of the food trade race, NAB chief economist Alan Oster believes such expectations to be misguided ; owing to Australia s limited capacity of producing large quantities of food at low costs.
Australia s agricultural industry has encountered several challenges in recent years. More than half of Australia s land is used for agricultural loft store purposes (Prime Minister s Science, Engineering and Innovation Council [PMSEIC], 2010) but this land area is slowly diminishing due to increased urbanisation and natural degradation. Water availability is also an issue, with Australia having emerged from a decade filled with bouts of drought and flood.
With competitors all over the world vying to meet the food demand in China, there are claims that Australia may inevitably lag behind more efficient and cheaper producers such as Africa, Europe, New Zealand and The United States. The fear of missing out on riding this dining boom could be detrimental to the stability of the economy, loft store leading to the inevitable demise of Australia as a leading country in the world for agricultural exports.
The Australian Food and Grocery Council stated that Australia s share of China s food imports loft store have halved to 3.345% in 2012 over the past 20 years. Agriculture only adds roughly 2% to Australia s GDP and would require massive investment to develop. Thus, it is questionable whether Australia s optimistic expectations of benefiting loft store from China s dining boom may be met within the competitive global market. OUR VIEW
While Aust