That’s according  to one of Australia’s leading financial institutions, the Commonwealth Bank which has carried out extensive research in the industry. 

NSW general manager regional and agribusiness banking, Tim Harvey, said farmers were far more prepared now to deal with changes in environmental conditions than they had been in the past and were doing more financial planning. 

“The millenium drought really focused farmers on what they need to do in their business to be better prepared,” Mr Harvey said.

“We’ve seen that through innovation and sustainability.”

He said the bank was extremely positive about agriculture in the short, medium and long-term, despite some recent setbacks. 

“Clearly the lack of rainfall in the northern part of the state has been challenging, but it’s great to see a couple of inches last week.

“We’re really optimistic. The reality is there will be some bumps along the way. At the moment cotton prices are not great but we’ll all see that change pretty quickly.”

A survey of 1400 farmers carried out by the bank found that 12 per cent intend to invest in technology in the next 12 months. 

It also found that 13 per cent of landholders in NSW intend to increase their input in education and training; eight per cent want to invest more in plant and equipment and 30 per cent in fixed infrastructure. 

Mr Harvey said farmers were able to work through challenging times financially, but they needed to make sure they had a strong support network and good business partners to help them pull through when things become tough.