Business
Why Aussie consumers could soon be paying DOUBLE for beef
- Small-scale farmers warning of $56/kg rump steaks
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Australian consumers could end up paying more than $50 a kilo for steak at the supermarket as a result of Donald Trump‘s tariffs on agriculture exports, farmers say.
A kilogram of rump steak at Woolworths is now selling for $28.
But the Australian Food Sovereignty Alliance, representing 350 small-scale farmers, fears rump steak will end of costing Australian consumers $56 at the supermarket.
Spokeswoman Tammi Jonas, an organic beef cattle producer from Daylesford in Victoria, said the American tariffs on agricultural imports would see more countries buy Australian beef to avoid trading with the US.
‘We already know there’s high demand for Australian beef around the world and I think that’s just going to get higher,’ she told Daily Mail Australia.
‘In a global supply crunch like this, we could see rump steak climb past $50 per kilogram.
‘That’s not a family dinner – that’s a premium luxury.’
Dr Jonas said higher export prices would see less Australian meat sold to domestic consumers.
Australian consumers could end up paying more than $50 a kilo for steak as a result of Donald Trump ‘s tariffs on agriculture exports, farmers say (pictured is a Coles supermarket)
‘I would say there’s a strong likelihood of that, yes,’ she said.
‘And even if we still have enough beef sold within Australia, the prices are certain to go up.
‘Whenever you’re in those global markets, you roll with the volatility and if they can get a really high price overseas, they’re not going to charge less for domestic sales.’
But Angus Gidley-Baird, a senior analyst in animal protein with RaboResearch, said more expensive steak at the supermarket was unlikely, given the strong supply of Australian beef with the recent rainfall.
‘We produced record volumes of beef last year, I don’t see why there would be a shortage in the domestic market that would cause prices to rise,’ he told Daily Mail Australia.
‘The exports are effectively our markets that we sell the additional production into.’
Meat and Livestock Australia data showed the US was Australia’s biggest market for beef exports in 2024, putting it well ahead of Japan, South Korea and China.
Of the beef sent to the United States, 96 per cent of it was the leaner, grass fed variety that was either chilled or frozen.
The Australian Food Sovereignty Alliance fears rump steak will end of costing Australian consumers $56 at the supermarket. Spokeswoman Tammi Jonas (left) said the American tariffs on agricultural imports would see more countries buy Australian beef to avoid trading with the US
The Americans have been in the grip of a drought, and most of their beef is fattier, grain-fed.
South American beef exporters Argentina and Brazil are also dealing with a lack of rainfall, which means demand for Australian beef would continue to be strong.
Mr Gidley-Baird said the Americans, who produced fattier, grain-fed beef, would still need the leaner, Australian grass-fed beef to make hamburger patties, regardless of import tariffs.
‘The US still continues to need imported product because they’re not producing as much themselves,’ he said.
‘They’ll still need Australian beef – the drought, it’s getting better in the US but they’ve liquidated their herd and production volumes are down.
‘What Australia sends to the US complements their production system over there in that it balances out the fatter product they’re producing for hamburger production.
‘They need the product and we’re one of the biggest suppliers of it – me being rational would still say that they would still buy it.’
At the margins, strong American demand for grass-fed beef had pushed up prices for Australian lean mince, now selling for $15.50 a kilo at Woolworths.
The Trump Administration’s tariffs of up to 25 per cent on agricultural imports are coming into affect on Thursday, along with tariffs on pharmaceutical products (President Donald Trump is pictured in the White House)
‘The US market has been very strong – it’s demanding a fair amount of product which is putting a bit of pressure on mince prices, lean product prices,’ Mr Gidley-Baird said.
The Australian Food Sovereignty Alliance sees mince prices more than doubling to $36 a kilo.
But Dr Jonas predicted possible tariffs of up to 25 per cent on Australian beef would see American demand plunge, despite the fact they are in drought with an undersupply of grass-fed beef.
‘I think with a 25 per cent tariff they won’t be able to afford it – Americans are in as big a cost-of-living crisis as Australians are and they can’t handle a 25 per cent tariff on top of the higher meat price of imported Australian beef,’ she said.
The Australian Food Sovereignty Alliance didn’t do specific economic modelling on Australian beef prices, as a result of the Trump tariffs on agriculture coming into effect on Thursday.
But it argued China’s African swine flu in 2019 led to a doubling of pork prices, as supply fell by 40 per cent.
The alliance campaigns against agribusiness giants like JBS Foods Australia, which owns feedlots and abattoirs.
‘The local farmers like us are losing access to the facilities to slaughter,’ Dr Jonas said.
‘While that sounds like a good thing for Australia – when we think, “We can export more” – the reality of that is very few people profit from that higher export.’
The Trump Administration’s tariffs of up to 25 per cent on agricultural imports are coming into effect on Thursday, along with tariffs on pharmaceutical products.
‘If it’s a large tariff but applied to everyone, our competitive position remains the same,’ Mr Gidley-Baird said.
They follow 25 per cent tariffs on steel and aluminium, introduced on March 12.
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
NNPC Reduces Fuel Price
The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.
The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.
In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.
Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.
The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.
The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.
Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.
The change followed a fall in international crude oil prices.
Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.
The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.
Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.
Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.
Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.
Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.
Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.
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