What is RiskWi$e?
RiskWi$e is a National Risk Management Initiative (NRMI) that seeks to understand and improve the risk-reward outcomes for Australian grain growers by supporting grower on-farm decision-making. Grains Research and Development Corporation (GRDC) has invested $30 million to support this five-year national initiative, running from 2023 to 2028. BCG leads the Victoria and Eastern South Australia Action Research Group (ARG), working alongside Field Applied Research (FAR) and Mallee Sustainable Farming (MSF).
RiskWi$e key themes
The BCG ARG focuses on three key themes: nitrogen, agronomic, and financial. In addition, there are two overarching areas of work:
Behavioural science: This work will incorporate behavioural science across all themes to understand grower behaviour change and support adoption.
Analytics and modelling: This work will focus on participatory research tools that allow growers to explore risky decisions and build a stronger understanding of risk to inform decision-making.
Nitrogen
The Nitrogen theme investigates the risk-reward outcomes of different nitrogen strategies aimed at reducing yield gaps caused by nitrogen deficiency, while maintaining long-term soil fertility. Trials are being conducted at Curyo, Longerenong, Marlbed and Carwarp, comparing two decision support approaches: Yield Prophet® and nitrogen banks. These systems reflect different approaches to nitrogen management, ranging from more active, data-driven decision-making to simpler strategies based on soil nitrogen carry-over.
Agronomic
The Agronomic theme explores how growers make agronomic decisions under uncertainty and what shapes their appetite for risk. Over four years, BCG is working with a cohort of growers, collecting biophysical, economic and behavioural data from a nominated focus paddock on each farm. This work tracks key paddock decisions, examines decision-making style, and uses APSIM modelling to compare actual management with alternative strategies. Findings will be used to identify common agronomic challenges and develop a decision calendar, case studies and practical tools to support more confident and informed decision-making.
Financial
The Financial theme explores how growers make major farm business decisions under uncertainty and where the most significant trade-offs between risk and return occur. BCG has identified key high-risk decision areas including land purchase and leasing, grain marketing, major machinery investment, and input purchasing timing. In response, the project is delivering practical workshops and extension activities to help growers and advisers assess these decisions more deliberately. Findings will inform decision-support tools and frameworks to simplify financial planning and strengthen business resilience.
Current work
Planning for Profit
Machinery Investment
Optimising Farm Business Success
Grain Marketing a risk management tool
Farm investment strategies: A case study from the Wimmera and southern Mallee
Planning for tomorrow: BCG farm succession workshop
Planning for Profit: Nitrogen planning with Professor James Hunt
Health, wellbeing and relationships a priority
RiskWi$e partners
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