Australian agricultural production is on track for a record-breaking year, with an expected farmgate value of $65.9 billion helping to drive the nation's recovery.
Agriculture Minister David Littleproud said ABARE figures confirmed the sector's extraordinary turnaround from drought.
"This is an astounding result and testament to our farmers' hard work, resilience and ability to adapt quickly to a pandemic," he said.
"I've always said agriculture will lead Australia's recovery out of COVID-19 and our farmers are on the frontline.
"They have responded big time and now we're seeing the results, with a near record winter crop harvest, strong meat prices and higher farm incomes.
"(This financial year) is forecast to be an outstanding year for Australian agriculture, with an expected eight per cent lift in production value on last year on the back of a near record winter crop of 55.2 million tonnes,
"Farm cash income for broadacre farms is projected to increase by around 18 per cent at the national level to average $184,000 per farm in 2020-21.
"Favourable conditions means strong meat prices will also continue, with the average national farm income projected to increase by 18 per cent to $184,000 a farm in the short term."
Mr Littleproud said he sheer scale of the turnaround was remarkable.
"Our industry is on the cusp of an exciting few decades, but prosperity can never be taken for granted and we all need to work together to understand the risks," he said.
"The Australian government is committed to accelerating innovation and agricultural trade growth by building a resilient and agile sector.
"We have laid down solid foundations to ensure agriculture can not only withstand the challenges, but flourish, by supporting industry to reach its full potential."