This report presents detailed financial performance of slaughter lamb producing farms in 2012-13, 2013-14 and 2014-15 and discusses productivity in a historical context. The report was commissioned by Meat & Livestock Australia (MLA) and expands on results that were published in Agricultural Commodities (March quarter 2015) and the Australian farm survey results 2012-13 to 2014-15 report released in March 2015. Key Issues * Most farms producing lambs for slaughter are mixed enterprises, deriving receipts from cropping, beef cattle, sheep and wool and from the sale of slaughter lambs. * Farm cash income of specialist slaughter lamb producing farms, those farms most reliant on lamb production, is estimated to have increased from an average of $80 900 a farm in 2013-14 to $98 300 a farm in 2014-15. This increase was mainly a result of higher prices for lambs and sheep. * Farm cash incomes and business profit of all slaughter lamb producers are estimated to have fallen in 2014-15 compared with 2013-14. Reduced grain production in 2014-15 is estimated to have resulted in lower average total receipts of slaughter lamb producing farms despite an increase in sheep and lamb receipts mainly a result of increased prices. Average farm cash income of slaughter lamb producers is estimated to have declined by 8 per cent from an average of $180 100 a farm in 2013-14 to $166 000 a farm in 2014-15, in real terms. * Farm debt of slaughter lamb producing farms averaged $649 577 a farm in 2013-14, slightly more than that in 2012-13 ($641 400). Farm debt is estimated to have reduced in 2014-15 compared with 2013-14 as a result of loan repayment and reductions in new borrowings. * Asset values and new investment remain high for slaughter lamb producing farms and while debt is also high, equity ratios and debt servicing are in line with long-term averages.