Australian milk production is likely to remain steady for 2023/24 according Dairy Australia (DA). Despite El Niño conditions drying out some regions, but DA point to reduced cow culling and live heifer exports as supportive of milk production. Season to date production is ahead just under 1 % against flood-affected comparables. DA expects supplies will tighten in the second half of 2023/24.

Competitiveness of Australian dairy products on both export and domestic markets, with imported supply a record high in 2022/23, accounting for 27% of local consumption.

Higher menu and shelf prices have increased sales value through retail and foodservice sectors by 6.9% and 16.1% respectively. However sales volume has continued to fall as household budgets tighten.