NAB backs future growth in $100 billion food, fibre and beverage industries

National Australia Bank has created a specialist national business banking unit dedicated to the post farm gate food, fibre and beverage industries.

"The food and beverage industries are the untold success stories of Australia's manufacturing sector,' said Khan Horne, division head of Food Fibre and Beverage.

"Over the past 10 years the food industry has grown more quickly than the manufacturing sector as a whole and maintained steady growth in exports," he said.

"We believe with strong global economic growth and greater consumer demand for meat, dairy products, high value grain products and wine, the food sector is poised to accelerate growth."

NAB's Agribusiness Survey for the June quarter highlighted that agribusinesses are optimistic as the post farm gate food, fibre and beverage sector shakes off the effects of the drought.

"After lagging behind the rest of the economy, confidence in the sector is growing and intention to invest in capital items is running at a two-year high for the sector, with investment intentions above those of the wider non-farm economy," Horne said.

"The sector has been remarkably resilient against a strong Australian dollar with $24 billion of output being exported."