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CANBERRA - The drought will slash Australia's agricultural income by more than 70 per cent this year, wiping almost A$7 billion ($8.1 billion) off the sector's pay packet, the Australian Bureau of Statistics (ABS) says.
A bone-dry spring has kept inflows to the parched Murray Darling Basin at record lows.
Farm income is expected to fall to A$2.6 billion in 2006-07, down 72.4 per cent from the A$9.3 billion recorded in the previous year and the lowest level since 1994-95.
Snowy Hydro advised that its system inflows also were at record lows - 67 per cent below the previous minimum.
- AAP
