Since 1992 there have been some major debates and decisions on Australian agricultural policy issues. Recent policy issues of the dairy, wool, wheat and meat industries are canvassed, as well as current policies on rural adjustment and drought, and the latest policy direction of the National Farmers Federation are documented. Emerging emphases in policy include adding value to commodities, privatization of activities of statutory authorities, and the management of resources and risk by farmers. In agricultural policy formation in 1992-1994 these new emphases confronted the old imperatives of agriculture.