A farm management economic analysis of future dairy systems in the Goulburn Valley

Case studies were used to analyse the organisation and management of two irrigated dairy farm businesses. In particular, the focus was to . identify the economic' aspects of current and future farming systems in the Goulburn Valley. The approach involved focusing on farmers, the farm business, and the specific details of the farm system that farmers were managing. A whole-farm perspective was relevant as it provided details of the farm system and farmer characteristics that substantially influence how they respond to market changes. The economic 'analyses revealed that theoretical concepts often match the practical management of irrigated. dairy businesses. Also, relatively simple farm management budgets, which capture the full effect on management of the whole farm system from development, have a useful role in providing farmers with effective information about the medium-term growth opportunities on irrigated dairy farms in the Goulburn Valley. From these results it can be concluded that 'it is not what you do, but how you do it' that primarily determines the level of success in achieving goals