GM oilseed and wheat crops could benefit the Australian agriculture Photo: Ove Tøpfer

Genetically modified oilseed and wheat crops could provide significant benefits to Australian agriculture, if adopted, according to a new report by the Australian Bureau of Agricultural and Resource Economics (ABARE).

It is estimated that the uptake of the two crops will lead to the Australian economy gaining $912 million by 2018. The estimate is based on the assumption that imports of GM crops are not restricted in foreign markets such as Argentina, Brazil, India and China.  Delay in the adoption of biotech crops will have significant financial consequences for Australia.

>“Australia will forgo significant economic gains by delaying the introduction of GM oilseeds and wheat if emerging economies continue to increase their uptake of GM crops,” said  ABARE executive director Philip Glyde.

If the European Union implements a ban on the importation of GM crops, Australia’s expected gains from GM oilseeds and wheat will reduce to $732 million by 2018.

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