Major finance firms back $10m Australian food supply chain initiative

The Mission Food for Life initiative, led by Food Agility CRC and backed by major food companies including Coles, Kellogg’s, Mars and JBS, and by financial services companies such as NAB and IAG, aims to help Australia’s agribusiness sector develop new, more agile and resilient business models post-pandemic.

Other entities involved in the new venture include Future Food Systems CRC partner Food & Fibre Gippsland, along with The Yield, Mulgowie Farming Company, Brand Tasmania, Southern Rock Lobster, Lumachain and Source Certain.

A series of shocks to agrifood supply chains worldwide during the COVID-19 pandemic were a “wake-up call” to the sector, Food Agility chief executive Mike Briers told The Australian.

“Supply chains have been pulled and strained in ways we have never experienced before. Compounding shocks are creating a future where the ability to rebound, reinvent and be resilient are the keys to prosperity,” Dr Briers said. “Those with the capacity to respond quickly via digital solutions and build new data-driven business models have the upper hand.

“The agrifood industry has been in low gear when it comes to digital transformation. Now is the time to accelerate.”

The new supply-chain initiative is underpinned by KPMG Australia research commissioned by the Food Agility CRC. KPMG’s research found that, to thrive post-COVID-19, food supply chains must implement new tools and technologies that enable predictive real-time decision-making.

“The agrifood sector’s ability to respond to the next significant shock will be defined by its use of post-disruptive learnings in the development of sustainable supply chains underpinned by digital and data,’’ the KPMG report says.

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Source: Key companies in financial services sector back a $10m food supply chain initiative I The Australian