Fresh statistics and a new Government report reveal agribusiness has not only played a big role in holding Australia out of recession, but it is on track to be the country's biggest growth sector in coming years.

The report, Food Statistics 2008, was compiled by ABARE and reveals Australia’s food and beverage industries supported 14,000 new jobs in 2007-08, with the strongest long-term growth in regional areas.

Launching the report last week, Minister for Agriculture, Tony Burke, said there had been significant new job growth in dairy and bakery products industries and some growth in the meat, meat products and fruit and vegetable processing sectors.

The report says the overall value of Australian farm and fisheries food production grew by 18pc in the 12 months to 2007-08, to $37.4 billion.

This followed a decline of 7pc in the previous year, largely due to falling crop production related to the drought.

In 2007-08 Australia’s food exports were worth $23.4b (now believed to be about $24.7b) which included increased grain and oilseed exports, and a slight increase in fish or shellfish exports.

Wine exports increased from around 2pc of total food export value in 1990-91 to nearly 12pc in 2007-08.

The report also found the proportion of food exports to markets such as Indonesia, the Republic of Korea, New Zealand the United Kingdom increased over the long-term and while food exports to major markets like the US and Japan decreased, they were still Australia's largest food export markets.

Mr Burke said farmers were continuing to feed Australia and the world, despite challenges such as the drought and higher input costs, and the report reinforces Australia’s role as one of the "food production hubs of the world".

Australian Food and Grocery Council chief executive officer, Kate Carnell, told the Agrifood Skills Australia conference in Sydney last week that agribusiness was becoming the "new mining sector" in terms of growth industries in Australia.