The Australian Bureau of Agriculture and Resource Economics (ABARE) has thrown its backing behind genetically modified crops, saying the will provide significant economic benefits for regional Australia.
"Delaying GM uptake means we are forgoing significant economic benefits for regional Australia," Phillip Glyde, ABARE executive director, said today.
A new ABARE report, Economic impacts of GM crops in Australia, includes the potential economic impact of cultivating GM crops on State and regional economies, estimated for two scenarios: adopting GM canola and adopting GM canola alongside GM wheat, maize, soy beans and rice. (See separate story)
The results indicate New South Wales will benefit most from adopting GM crops.
Significant economic benefits are also estimated for other major grain producing states, including Western Australia, Victoria, South Australia and Queensland.
Delaying the adoption of GM crops will lead to significant foregone benefits to Australia, according to the report.
"If the adoption of GM canola is delayed for five years, for example, the cumulative foregone benefits would be around a total of $97 million for Western Australia and $66 million for South Australia, measured in 2006-07 dollars," Mr Glyde said.
* The report is available at www.abareconomics.com/publication s_html/news/news/news.html
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