“The gross value of agricultural production is forecast to be a record $81 billion in 2021–22 – beating the last year's record by over $12 billion,” Dr Greenville said.

“This is an unprecedented result, and it can be put down to a combination of record high crop production, and the highest prices (in real terms) for Australian agricultural produce in 32 years.

“Australia has harvested what will be the most valuable winter crop ever, even after accounting for flood and rain damage in parts of New South Wales.

“The total value of agriculture, fisheries and forestry production will also reach a record of almost $87 billion in 2021-22.

“But we cannot expect such good conditions to continue indefinitely. We are expecting the gross value of agricultural production to fall by around 6 per cent to $76 billion next financial year, which is still the second highest on record.

“With production at record highs and high prices, increases in income are likely to far outweigh the additional pressure of higher input costs for fuel, fertiliser, chemicals and labour.

“But we will need to keep an eye on farm costs as commodity prices come back to normal.”