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Quantifying the value of digital agriculture to Australia was a fundamental part of the P2D project. Using the Centre for International Economics-Regions Food Processing Model (CIE-Regions FP model), the Australian Farm Institute (AFI) predicted the potential economic benefit of the unconstrained transition to digital agriculture.
These estimates are considered to be a conservative best-case situation. They assume a 100% uptake of digital agriculture and exclude any costs associated with the adoption of digital technologies.
When digital agriculture is fully implemented in Australia, it is estimated that this would boost the value of agricultural production, including forestry, fisheries and aquaculture, by 25% (compared to 2014-15). This is a AUD 20.3 billion boost to the gross value of agricultural production (GVP). The overall potential increase in national gross domestic product (GDP), including the flow-on effect to other parts of the Australian economy, is estimated to be AUD 24.6 billion.
See figure presented below.
The productivity gap between fully enabled digital agriculture and the current state reflects the size of the opportunity that has yet to be fully captured. The key findings from the six P2D reports identify the factors that need to be addressed in order to achieve the transition to unconstrained digital agriculture in Australia.