What's the beef?
Beef production and shipments has continue to decline in line with forecasts, with beef production down by 16 per cent over the year to March 2016, and Aussie beef prices rising faster than US prices.
The US market in particular has been taking much less Australian beef, with Australian exports plumbing three year lows and year-on-year beef exports down enormously by nearly a quarter.
There has also been a huge decline in veal production of more than 46 per cent over the year to March.
The impact of the decline in meat production is most keenly felt in Queensland (-16 per cent) as by far the largest producer of red meat (though you'd hardly know it from the revolting, stomach-churning cattle trains trundling through Brisbane, seemingly miles long and way overcrowded).
In rolling annual terms red meat production tonnages are also down significantly year-on-year in New South Wales (-14 per cent) and Victoria (-16 per cent).
Overall total livestock slaughter has pulled back a little to around 54 million over the year to March 2016.
Note that the livestock slaughter totals exclude the 550 million or so chickens, which are classified as...erm, not sure, fodder or something.
Housing finance data is due out tomorrow morning, which is much more to my taste, tbh!