That's according to the latest Agriculture Victoria Livestock Farm Monitor Project, which provided 124 Victorian sheep, beef and mixed farming farmers with detailed financial and production performance data.

The 10-year average for EBIT in the south-west was $345 a hectare, compared to $175/ha in Gippsland.

Those figures were significantly outstripped in 2021-22. The south-west EBIT hit $542/ha and Gippsland EBIT was $385/ha.

High cashflow for many farmers analysed meant significant expenditure on capital and equipment, as producers swapped out old plant and equipment for new.

The south-west saw the highest prime lamb price in 18 years while the fine wool price received was the second highest.

This boosted average gross farm income to the highest levels recorded in 18 years.

High fertiliser prices increased expenditure by 20pc year-on-year, and were the most significant outlay in a decade.

Average variable costs in the south-west were the highest in 18 years, due to the increased cost of fertilisers and labour.

Heywood prime lamb producer Georgina Gubbins said the higher prices gave producers the opportunity to invest in infrastructure.

"Hopefully people have put a bit of money into farm management deposits, because already this year prices are not as good," Ms Gubbins said.

"But so long as people are keeping an eye on their input costs and prioritising where they need to, there is still good money to be made."

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