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Economic Evaluation of Investment in the Fodder Crops R&D Program

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Economic Evaluation of Investment in the Fodder Crops R&D Program Economic evaluation of investment in the Fodder Crops R&D program by Agtrans Research September 2014 RIRDC Publication No 14/085 RIRDC Project No PRJ-009525 © 2014 Rural Industries Research and Development Corporation. All rights reserved. ISBN 978-1-74254-702-2 ISSN 1440-6845 Economic evaluation of investment in the Fodder Crops R&D Program Publication No. 14/085 Project No. PRJ-009525 The information contained in this publication is intended for general use to assist public knowledge and discussion and to help improve the development of sustainable regions. You must not rely on any information contained in this publication without taking specialist advice relevant to your particular circumstances. While reasonable care has been taken in preparing this publication to ensure that information is true and correct, the Commonwealth of Australia gives no assurance as to the accuracy of any information in this publication. The Commonwealth of Australia, the Rural Industries Research and Development Corporation (RIRDC), the authors or contributors expressly disclaim, to the maximum extent permitted by law, all responsibility and liability to any person, arising directly or indirectly from any act or omission, or for any consequences of any such act or omission, made in reliance on the contents of this publication, whether or not caused by any negligence on the part of the Commonwealth of Australia, RIRDC, the authors or contributors. The Commonwealth of Australia does not necessarily endorse the views in this publication. This publication is copyright. Apart from any use as permitted under the Copyright Act 1968, all other rights are reserved. However, wide dissemination is encouraged. Requests and inquiries concerning reproduction and rights should be addressed to the RIRDC Publications Manager on phone 02 6271 4165. Researcher Contact Details Andrea Bath and Peter Chudleigh Agtrans Research PO Box 385 Toowong QLD 4066 Phone: 07 3870 9564 Fax: 07 3371 3381 Email: [email protected] In submitting this report, the researcher has agreed to RIRDC publishing this material in its edited form. RIRDC Contact Details Rural Industries Research and Development Corporation Level 2, 15 National Circuit BARTON ACT 2600 PO Box 4776 KINGSTON ACT 2604 Phone: 02 6271 4100 Fax: 02 6271 4199 Email: [email protected]. Web: http://www.rirdc.gov.au Electronically published by RIRDC in September 2014 Print-on-demand by Union Offset Printing, Canberra at www.rirdc.gov.au or phone 1300 634 313 ii Foreword The Fodder R&D Program supports the continued development of a productive and profitable Australian Fodder industry. The investments made by the Program follow the Five Year R&D Plan for Fodder 2009-2014. The Program is part of the RIRDC Plant Industries Portfolio and is funded via a RIRDC allocation of core funding, leveraged with collaborative funding from institutions with a shared interest in the Australian Fodder industry. One purpose of this economic analysis was to contribute to a process being undertaken for the Council of Rural Research & Development Corporations (CRRDC) that aims to demonstrate, through examples, the outcomes and benefits that have emerged or are likely to emerge from the 15 Rural Research and Development Corporations (RDCs). Valuation of these benefits, along with identification of investment expenditure, is required in order to demonstrate the RDCs’ contribution to Australian rural industry as well as environmental and social benefits to Australia. A second purpose of the economic analysis of RIRDC investments is to assist with portfolio management. In that regard, RIRDC conducts economic impact evaluations of its programs as they near the end of their five year plan. This process not only provides accountability to the RIRDC Board, its levy paying industries and Government, but also can be used as an input into the development of the next five year plan should the program be continued. On a broader note, economic impact assessments are likely to maintain a strong presence in both the RIRDC and CRRDC frameworks. Impact assessments serve the main purpose of providing accountability to government and industry/community stakeholders that research funds have been managed appropriately and are producing positive impacts and benefits to Australia. The current evaluation process scans all of the Program projects that have been completed in the past five years. The 12 projects scanned demonstrated a wide range of predominantly economic benefits, a number of which were quantified in value terms. Total funding from all sources for all 12 projects totalled $5.49 million (present value terms) and five of these projects produced aggregate total benefits of $70.01 million (present value terms). The investment in the five projects of $4.78 million produced a benefit cost ratio of 14.64 to 1. If the benefits from the five projects were compared to the total investment in the 12 projects, the benefit cost ratio was 12.76 to 1. This report is an addition to RIRDC’s diverse range of over 2000 research publications and it forms part of our Fodder Crops R&D program, which aims to stimulate and promote R&D that will produce quality fodder products and secure sustainability and profitability for all sectors of the Australian fodder industry value chain in domestic and export markets. Most of RIRDC’s publications are available for viewing, free downloading or purchasing online at www.rirdc.gov.au. Purchases can also be made by phoning 1300 634 313. Craig Burns Managing Director Rural Industries Research and Development Corporation iii Acknowledgments Dave Alden, Rural Industries Research and Development Corporation Felicity Andriunas, Plant Health Australia John de Majnik, Rural Industries Research and Development Corporation Darren Keating, Australian Fodder Industry Association Rade Matic, South Australian Research and Development Institute Peter McCormack, South Australian Research and Development Institute Richard Oliver, Curtin University Colin Peace, Jumbuk Consulting John Piltz, Department of Primary Industries New South Wales Barrie Purser, University of Western Australia Alison Robb, Rural Industries Research and Development Corporation Rohan Sadler, University of Western Australia Sharyn Taylor, Grains Research and Development Corporation (Previously Plant Health Australia) Pamela Zwer, South Australian Research and Development Institute iv Contents Foreword ............................................................................................................................................... iii Acknowledgments................................................................................................................................. iv Executive Summary ........................................................................................................................... viii Introduction ........................................................................................................................................... 1 Methods .................................................................................................................................................. 3 Description of Projects .......................................................................................................................... 5 Project Investment .............................................................................................................................. 16 Benefits ................................................................................................................................................. 18 Public versus Private Benefits ........................................................................................................ 20 Distribution of Benefits along the Supply Chain ............................................................................ 20 Benefits to Other Industries ............................................................................................................ 20 Benefits Overseas ........................................................................................................................... 21 Additionality and Marginality ........................................................................................................ 21 Match with National Priorities ....................................................................................................... 21 Quantification of Benefits ................................................................................................................... 22 Benefit 1: Maintenance of market access ....................................................................................... 22 Benefit 2: Improved oaten hay varieties ......................................................................................... 23 Benefit 3 Improved vetch varieties ........................................................................................... 23 Benefits: Not Valued ...................................................................................................................... 24 Summary of Assumptions ............................................................................................................... 25 Results .................................................................................................................................................. 27 Sensitivity Analysis .......................................................................................................................
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