Economic Perspective 9 October 2026
The Latest Trending Economic News Curated for You by Balmoral Group Australia
Hello Dear Readers,
Spring brings mixed signals for land and agriculture. In South Australia, PIRSA now forecasts a 2026-27 grain crop of 11.6 million tonnes, 32% above the five-year average, while growers still face El Niño, locusts and rising diesel costs ahead of harvest. Federally, four new biosecurity instruments took effect on 1 October, replacing the 2016 rules with updated measures and requirements. On carbon, the Climate Change Authority found no material national conversion of high-value farmland into carbon projects, concluding that carbon projects and food production can co-exist without competing for land. In the tropics, researchers warn that restoration monitoring often stops after canopy closure, well before biodiversity recovery can be shown, and groups state that monitoring would be higher priority with more funding.
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In Australia’s Wet Tropics, restoration misses the forest for the tree cover
A James Cook University-led study surveyed 25 organisations involved in rainforest restoration across Queensland's Wet Tropics. Almost all monitor their work in some way, but most focus on early signs of success such as canopy closure, tree survival and weed control. Many stop monitoring once the canopy closes, weeding is no longer needed, or funder requirements end, even though their goals centre on biodiversity, connectivity and threatened species habitat, which can take decades to recover. With nature-positive and biodiversity markets growing, credible evidence of lasting ecological recovery is becoming more important. Read more here.
New biosecurity legislation commenced on 1 October 2026
Four new biosecurity legislative instruments commenced on 1 October 2026: the Biosecurity Regulations 2026 and three supporting instruments covering regulatory improvements applied to transport between various areas, removal of outdated requirements, and reportable biosecurity incidents. They replace the corresponding 2016 instruments, which were repealed the same day. The changes include regulatory improvements, updated biosecurity measures, removal of outdated requirements and minor drafting updates, informed by stakeholder feedback from public consultation. A Statement of Changes for each instrument and updated guidance are available at agriculture.gov.au/biosecurity/legislation. Read more here.
Crop forecast growth continues
PIRSA's latest Crop and Pasture Report forecasts South Australia's 2026-27 grain production at 11.6 million tonnes, 2.6% above ABARES' recent forecast of 11.3 million tonnes. That is 32% above the five-year average and 18% higher than July's report. The state's fourth-wettest August on record and excellent soil moisture have helped crops establish well. Grain Producers SA believes the state could challenge its production record if crops avoid frost and other late-season setbacks. But risks remain: an emerging El Niño, locusts, and a sharp rise in diesel prices just as harvest approach. Read more here.
2026 Review of the Australian Carbon Credit Unit Scheme
The Climate Change Authority's fifth review of the ACCU Scheme found it remains fundamentally sound, with no major redesign needed. Addressing concerns that carbon projects are pushing out farming, the review examined how carbon projects can work alongside agriculture. It found no material conversion of high-value agricultural land nationally to date, and concluded that sequestration and agricultural production value can grow together rather than compete. The Carbon Market Institute notes that most ACCU projects operate within agricultural systems, often alongside ongoing food and fibre production. Read the report here.
Methods used by carbon projects in Australia
The Australian Carbon Credit Unit (ACCU) Scheme gives financial credits to organisations conducting projects that reduce greenhouse gases or store carbon. The accepted methods are specified by the Scheme, but these are updated as the market matures and new methods emerge. The figure below, derived from data from the Clean Energy Regulator, shows that the vast majority of projects use vegetation or agricultural methods, including items like reforestation and plantation forestry, soil carbon sequestration, fertiliser use efficiency, and more.
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