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The Economic, Environmental and Social Benefits to NSW from Investment in the CRC for Beef Genetics Technologies

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Author Info
Griffith, Garry
Parnell, Peter
McKiernan, Bill
Abstract

The Australian cattle and beef industry and the associated RD&E community recently developed a successful proposal for the CRC for Beef Genetic Technologies. The expected benefits from the proposed scientific programs of the renewed CRC were estimated using the DREAM economic modelling framework. A “top-down” assessment philosophy was used that included explicit “with-CRC” and “without-CRC” scenarios. The benefit from the extra investment and consequent research effort due to funding the CRC is estimated to be worth over $1.4b in present value terms. Every $1 of these extra resources brought into the Australian beef industry through funding the new Beef CRC is expected to return around $35 to the industry. The marginal returns to the NSW beef industry from funding the CRC were also assessed. It was estimated that NSW DPI involvement in a refunded CRC will generate an additional $251m in economic benefits to the cattle producers, beef processors and marketers, and beef consumers of NSW, in present value terms. The estimated net cost required to fund this involvement is $3.785m. Estimates were also made of the extra benefits that would flow through to the broader NSW economy, beyond those accruing to the cattle producers, beef processors and marketers, and beef consumers of NSW (some $111m); and of the value for the saved methane output due to adoption of NFI genetics in the NSW beef herd(some $28m).

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Paper provided by New South Wales Department of Primary Industries Research Economists in its series Research Reports with number 42654.

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Date of creation: 2005
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Handle: RePEc:ags:nswprr:42654

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Related research
Keywords: beef; research and development; economic; evaluation; Australia; Agribusiness; Farm Management; Livestock Production/Industries; Production Economics; Research and Development/Tech Change/Emerging Technologies; Q160;

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  1. Mullen, J.D. & Cox, T.L., 1995. "The Returns From Research In Australian Broadacre Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(02), August. [Downloadable!]
  2. Delgado, Christopher L. & Rosegrant, Mark W. & Steinfeld, Henning & Ehui, Simeon K. & Courbois, Claude, 1999. "Livestock to 2020: the next food revolution," 2020 vision briefs 61, International Food Policy Research Institute (IFPRI). [Downloadable!]
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  3. Mullen, J.D. & Cox, T.L., 1996. "Measuring Productivity Growth In Australian Broadacre Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(03), December. [Downloadable!]
  4. Farquharson, Bob & Griffith, Garry & Barwick, Steve & Banks, Rob & Holmes, Bill, 2003. "Estimating the Returns from Past Investment into Beef Cattle Genetic Technologies in Australia," Research Reports 28009, New South Wales Department of Primary Industries Research Economists. [Downloadable!]
  5. Zhao, Xueyan & Mullen, John & Griffith, Garry & Griffiths, W.E. & Piggott, R.R., 2000. "An Equilibrium Displacement Model of the Australian Beef Industry," Research Reports 28007, New South Wales Department of Primary Industries Research Economists. [Downloadable!]
  6. Vere, David & Griffith, Garry & Silvester, Luke, 2005. "Australian Sheep Industry CRC: Economic Evaluations of Scientific Research Programs," Research Reports 42651, New South Wales Department of Primary Industries Research Economists. [Downloadable!]
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