English
1 June 2023
FY24 MINIMUM FARMGATE MILK PRICE
Burra Foods would like to advise its Minimum Farmgate Milk Price Range for FY24: $8.50 – $9.00/kg milk solids for the period July 1, 2023 – June 30, 2024.
We acknowledge that this minimum price is a reduction on current year. Whilst we are disappointed this is the case; we have considered the decreased value in global markets over the last 12 months and the growing un-competitiveness of Australian exports versus other countries. Australia is the only country in the world that must set a minimum milk price for the next 13 months, yet trade in volatile markets.
With the recently communicated restructure, Burra Foods is continuing to focus on improving productivity, reducing costs and optimising our product mix with an increasing domestic focus to maximise returns. Our successful launch into cream cheese this year has been further endorsed by the board supporting a capacity upgrade to the facility as we continue to focus on new premium markets and products.
We are very proud of our contribution to Gippsland and are heavily invested in our local dairying communities. In this financial year, we will provide around $250 million back into our communities through milk price, wages and employment, preferential engagement of local contractors and transport providers, and donations to various clubs and organisations. We don’t often publicise these initiatives, but we do enjoy knowing that we are directly supporting the region in which we exist.
