L.MDC.1000 - Grant Agreement GMX-MLA / Wealth Report for Beef Producers

Summary

This project is a Grant of $300K from Department of Agriculture towards an MDC project (P.PSH.0744). The Wealth Projector Dashboard is an interactive portal that allows individual farmers to generate a valuable graphical output, to assist in objective decision making for farm businesses.

The portal encourages producers to enter data (from various aspects of their life and enterprise) using a fun and simple ‘drag & drop’ concept (almost like a game board). As more information is entered, the wealth report continues to build and restructure accordingly. MLA will have access to the statistics generated from this portal which will provide rich data for MLA to engage resources with.

Objectives

The purpose of this grant is to fund the development and customising of a web-based interactive portal known as the Wealth Projector Dashboard for beef producers. When operational, the portal will allow beef producers to input their own financial and personal data. The portal will utilise external data feeds (commodity market reports, ABS statistics etc.) and sophisticated modelling to provide the user with a 'Wealth Report' that includes future projections and scenarios based on their current situation. This initiative will provide farm managers with:
- information on the KPIs and critical profit drivers
- details to plan and execute business activities
- identify opportunities to increase profitability and improve overall wealth and sustainability.

Key findings

The funding from this grant will develop the portal to a working prototype.

Benefits to industry

Enhancing data collection and analysis within the red meat industry.

Future research

It is expected that a second stage of the project will take the prototype to a fully working portal but this stage is not included in this grant. The grant is being provided as part of the National Stream of the National Landcare Program.