The Situation & Outlook report is prepared each year to provide a clear and timely picture of what is happening in the Australian dairy industry, its key drivers and expectations for the future. It draws on the annual National Dairy Farmer Survey results, plus the views and opinions of global dairy market analysts, retail analysts, dairy company management, farm consultants and farm leaders. As well as informing farmers, the report aims to provide factual insights into dairy for banks, governments, regional communities and suppliers of products and services to the dairy industry. The full Situation & Outlook report was published in June, with an update released in October. This feature article summarises key findings from both the June and October reports.