Planning for financial security through uncertain times

2024 delivered a mixed season for Western Australian growers. It began with extremely dry conditions, then turned around with above-average rainfall through June, July, and August, leading to above-average yields in many regions. However, rising overheads and variable costs meant many farmers finished the year in a neutral financial position.In this episode, we’re joined by Renae Piggott, Consultant with AgAsset, and Krista Lancaster from Ninghan Spraying and Ag Services and Project Officer at the Merredin & Districts Farm Improvement Group (MADFIG).Renae hosted the Cultivating Profit workshops in 2024, designed to give young farmers an introduction into farm finances. Krista supported and attended one of these events.Together, they explore the importance of planning ahead – rather than making decisions under pressure – and discuss key takeaways from the workshops, including how understanding financial ratios can support better decision-making. As Renae puts it: "The best time to prepare for a poor year is during your best years."This episode is brought to you by the South-West WA Drought Resilience Adoption and Innovation Hub and is hosted by Shannon Beattie.Financial literacy for young farmers - SW WA HubHub news - Drought Hub