NSW Department of Primary Industries and Regional Development

Beef Cattle

Beef GVP reached a record high this year, up 29% to $3.9 billion in 2024-25. Australian beef output was 36% higher to $17.7 billion. NSW processors achieved record beef production, enabled by five consecutive years of favourable seasonal conditions. Finished cattle prices were 30% higher on a volume-weighted basis.

Production

The cattle industry reached a new high for NSW this year, with beef production at a record 587,686 tonnes, a 16% increase over the year. Consecutive good seasons have allowed the cattle herd to build, reaching a high of 31.1 million head nationwide coming into the financial year. 121 NSW beef production exceeded the drought high of 524,846 tonnes in 2018-19, and the previous record of 574,503 tonnes, in 2014-15.

Average carcase weights were down marginally year on year in 2024-25 to 302 kg and lower than the recent peak in 2021-22 of 313 kg. 18 The lower average reflects, in part, the increased number of females being processed.

The female slaughter ratio (FSR) rose over 2024-25, jumping to 59% across the financial year, mainly due to a sharp increase in the June quarter. This exceeds the benchmark 47% that signals herd reduction. By comparison, the female slaughter ratio during the 2018-2020 drought peaked at 56%. The high prices for processor cows - underpinned by US demand - and dry conditions in southern NSW have contributed to the high turnoff.

Nationwide, the FSR rose to the highest level since 2019-20, averaging 53% over the 2024-25 financial year. The rise was driven by NSW and Victoria, with both states recording large increases in the female slaughter ratio this year.

Feedlot production increased substantially in 2024-25, with the number of cattle turned off increasing 31% year on year compared to a 22% increase nationally. Over the past 10 years the cattle turnover ratio has trended lower, indicating cattle were being kept on feed for longer. 124 This has been associated with a rise in the proportion of cattle, such as Wagyu and long-fed Angus. 40 However, in this last year, the turnoff ratio increased, indicating a reduction in average days on feed. This has been attributed to greater turnover of feedlot infrastructure and an adjustment in feed duration including a reduction in longer-fed Wagyu. 86

Beef GVP by Quarter

  • NSW
  • Victoria
  • Queensland
  • South Australia
Download data (.XLSX)
Source: ABS (2025)

Price

Cattle prices rose strongly this year, with strong processor demand and better seasonal conditions contributing to the increase. The Eastern Young Cattle Indicator (EYCI) was 20% higher to average 665¢/kg across 2024-25. This was still below recent post-drought highs, and the record average of 1,073¢/kg in 2021-22. Within NSW, Tamworth had the highest average for young cattle, at 682.6¢/kg. Wagga was just below this, despite being the largest saleyard by headcount in 2024-25, at 681¢/kg. 117

Across the market, the processor cow indicator had the highest growth in 2024-25, up 32% compared to the previous year to average 247¢/kg lwt for the financial year. This rise came even with a sharp increase in headcount sold, with over 3.1 million sold nationwide in 2024-25. This was the first time since 2014-15 that headcount exceeded 3 million head.

Heavy steers also rose strongly from a low base, with the national indicator in 2023-24 at its lowest since the 2018-2020 drought. The indicator rose with the broad cattle market, up 27% to 340¢/kg lwt. However, this is still below the five-year average of 358¢/kg.

Through the year, the EYCI had a number of peaks and troughs, rallying in winter before easing with higher supply in spring. The EYCI rallied in December, rising to 705¢/kg in January 2025, before easing in February. It then peaked at 723¢/kg in June 2025. 117

EYCI and Headcount by Saleyard, 2024-25

  • Armidale
  • Casino
  • CTLX Carcoar
  • Dubbo
  • Forbes
  • Gunnedah
  • HRLX Singleton
  • IRLX Inverell
  • Moss Vale
  • Scone
  • TRLX Tamworth
  • Wagga
Download data (.XLSX)
Source: MLA (2025)

Trade

NSW Beef Exports to Key Markets, 2024-25

  • Value
  • Volume (RHS)
Download data (.XLSX)
Source: SP Global (2025)
NSW beef and cattle exports reached a record in 2024-25, increasing 23% on the prior year to total $2.8 billion (including fresh, frozen, chilled, and live cattle). Export values increased in most major markets, except Japan, which was down 7%. China remained the largest market for NSW beef, rising 16% to a value of $1.0 billion.

Notably, the United States market was up 64% in value terms, the second year in which they were second-largest market by value. With the US cattle herd at around 70-year lows, low domestic production has spurred demand for imported beef, with Australian processors filling the gap and recording rapid growth in the market. NSW beef exports to the United States increased 256% over two years to reach $784 million in 2024-25. Despite the imposition of a 10% tariff in early April 2025, export volumes to the US remained strong.

NSW was the third-largest beef exporter in Australia, with Queensland growing strongly to $8.5 billion, and Victoria's exports rose 45% to reach $3.8 billion in 2024-25. Australian beef and cattle exports rose 29% to $17 billion in 2024-25.

Outlook

MLA forecasts a drop in beef production and cattle turnoff in the coming year. 121 Due to an elevated female slaughter ratio in NSW beef production is expected to slow from its current record pace.

Export demand for beef is expected to remain strong in the near term as the herd in the United States remains at historically low levels. While conditions have improved in the US and the herd rebuild has commenced, it will still take time for beef production to increase to previous levels. These market conditions should be supportive of both cattle prices and global demand for Australian beef.

Prices in early 2025-26 continued to rise, with the EYCI averaging 834¢/kg in the September quarter. This has been underpinned by strong processor demand, according to data from MLA's National Livestock Reporting Service showing that NSW cattle slaughter in August 2025 was the highest since 2019.

Beef producers remain optimistic heading into 2026, with surveys indicating that cattle sales have been lower than expected in New South Wales and Queensland. This suggests higher herd retention, which should support future production. The outlook for beef remains sensitive to seasonal conditions, as dry weather in southern NSW has restricted spring restocker buying. 123

www.dpi.nsw.gov.au