Australian Farmlands Fund: Floods Briefing, November 2022
This 5 minute video was presented as part of an investor briefing event on 22/11/2022. If you have any further questions, please email invest@kilterrural.com
October saw a significant rainfall event throughout Victoria and New South Wales, causing flooding across many regional and rural communities. Shepparton, Rochester and Echuca, key regional cities near our Australian Farmlands Fund properties, have been particularly hard hit.
Across our farms, the team have been working hard to minimise the impact on our farming activities, including our current crops and revegetation works. The farms have performed very well to this point, and while we don’t expect it to be without some impact, the initial development of our farming landscapes has allowed us to be in the position we are in today.
Despite many of our farm team being personally impacted by the floods, they have worked tirelessly both on farm and across our local community, and our thanks must particularly go to them during this time. Across our wider team, a number have been impacted, and we continue to offer our support to them and their families as they recover from what has been a devastating personal loss for many.
Victoria has experienced its wettest August since 2010, and September rainfall was above average across most of northern Victoria. In October, the situation in Victoria was worsened by the saturated ground, with this October now confirmed as being the wettest of any month in the recorded history of the Murray-Darling Basin.
A rare third successive year of La Nina, in combination with a strong negative Indian Ocean Dipole has seen an overall increase in wet weather conditions accentuated in recent months. Fortunately, most climate models are forecasting La Nina to reduce back to more normal conditions early in the new year.