THE VALUE of GrainGrowers’ investment portfolio increased by $5.24 million to $140.07M in the financial year to June 30.

The figures come from the representative organisation financial statements and annual report released ahead of its annual general meeting on October 7.

GrainGrowers recorded a profit after tax of $5.3M, down from $7.2M in 2024-25, but a positive result given the volatility in financial markets over FY26.

GrainGrowers’ total FY26 income fell $1.33M to $13.4M, comprising $5.34M in revenue and $8.06M in “other income”, which included $1.27M in net realised gains from the disposal of investments and $6.79M in net unrealised gains on investments.

Revenue is mostly comprised of distributions from the investment portfolio.

Unlike other agricultural advocacy bodies, GrainGrowers does not charge a membership fee, instead relying on dividends and long-term capital growth from its investment portfolio for income.

The group derived $357,000 in services income, mostly from sponsorship income for the financial year.

GrainGrowers’ investment portfolio is managed by Mercer and divided into four categories in the financial report.

The largest holding is $62.63M in “unlisted Australian managed funds”, followed by $47.78M in “unlisted Australian infrastructure fund”, $15.21M in “unlisted international managed funds” and $14.45M in “diversified alternatives managed funds”.

GrainGrowers’ expenses rose to $8.06M in FY26, up from $7.56M the previous year, with employee costs the largest expense at $4.76M, followed by project expenses at $1.61M.

Total remuneration to key management personnel was fairly stable at $849,226 for FY26.

This figure includes remuneration for chief executive officer Shona Gawel and directors.

GrainGrowers chair Rhys Turton said the organisation had continued to benefit from the proactive management and diversified asset allocation of its investment portfolio.

“GrainGrowers operates with disciplined spending rules and strict investment guidelines allowing continued financial strength,” Mr Turton wrote in the 2025-26 Annual Report.

“This strong position allows the business to provide necessary representation on your behalf but also ensures financial sustainability.”

Memberships, political payments

GrainGrowers’ financial report made mention of relevant membership and politically affiliated expenditures during the financial year, and showed it maintained its membership started in 2022 of the National Farmers Federation, which in FY26 cost $220,000.

GrainGrowers also continued its membership of the Federal Labor Business Forum, also commenced in 2022, which has an annual membership fee of $30,000.

According to the report, the membership allows GrainGrowers to attend various Labor events.

In July 2025, the organisation joined the National Policy Forum, paying an annual membership fee of $10,000, and the Australian Business Network, with an annual fee of $9090.

The National Policy Forum also appears to be a Labor Party initiative, while the Australian Business Network is the Liberal Party’s national business-engagement program.

“These expenditures further complement GrainGrowers advocacy and policy agenda,” the report said.

In FY25, GrainGrowers paid $11,000 to attend functions held by the National Party; it appears this expenditure was not repeated in FY26.

GrainGrowers board: Jane Bennett, Richard Konzag, Fiona Marshall, chair Rhys Turton, deputy chair Nigel W. Corish, Ashleigh Brooks, Ian Gourley and Richard Norton.

Middle East pressures

In GrainGrowers’ annual report, Ms Gawel described the year as jam-packed, at times feeling “like 12 different years in one”.

“We delivered several significant pieces of work to inform policy, investment and industry decision making,” Ms Gawel wrote.

She cited the Priority Grain Freight Routes report and the National Food Security report.

Shona Gawel.

“Together, this body of work reflects a deliberate focus on equipping the industry with practical insights and evidence to navigate both immediate pressures and longer-term structural challenges.”

Ms Gawel said the closure of the Strait of Hormuz in February demonstrated the critical importance of supply chains to the grains industry.

“This created acute pressure on fuel and fertiliser availability in Australia, with direct implications for growers’ cost structures and operational certainty.

“GrainGrowers responded by elevating this issue as a priority in our advocacy, working to ensure government and industry decision-makers understood the scale and immediacy of the challenge and the need for coordinated action to support supply continuity.

“The conflict in the Middle East has continued to have material impacts on fuel and fertiliser costs and availability.

“In response, GrainGrowers has maintained this issue as a core advocacy priority, ensuring the implications for growers are clearly understood and represented in policy discussions.”

Ms Gawel said the organisation also “played an active role on the future of AgVet chemical regulation” by contributing to the review and responding to the APVMA’s announcement on paraquat.

“This work focused on ensuring that regulatory decisions are informed by science based evidence not activist groups with not so hidden agendas.

“Throughout, GrainGrowers was laser focused on the need for growers to retain access to critical tools that underpin productivity and risk management.”

During the year, the National Policy Group approved seven policy positions across:

• trade and market access;
• fuel security;
• climate change;
• fertiliser;
• biosecurity;
• innovation; and,
• finance.

In April, the GrainGrowers board also resolved to dissolve the Environmental, Social and Governance Committee formed in FY23.

According to the FY26 report, the board resolved that the committee’s role to develop the ESG strategy had “had largely been fulfilled and the need for a committee solely focused on these matters was no longer required and could be absorbed by the Board and its other Committees”.

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