This report has been prepared for the Australian Dairy Industry to provide participants and stakeholders with a comprehensive and objective assessment of the industry’s position and outlook, as a resource to the dairy industry for information and planning purposes. The work has been funded by Dairy Australia. The report has been written by Dairy Australia’s Strategic Analysis team with assistance from Freshlogic. The project has benefited from the considerable input of a project steering group of dairy farmers, management executives of Australia’s major dairy co-operatives, as well as ADF Limited and Dairy Australia management. The project group wishes to acknowledge the valuable assistance and co-operation of industry participants who were consulted in the preparation of this project package, including company management, farm consultants and advisers as well as participants in the 2009 National Dairy Farmer Survey.