Just 26 per cent of red meat respondents were very optimistic about the NZ economy over the next three years compared with 38 per cent for dairy respondents.
Confidence is important as it drives spending and investment decisions.
Focus group discussions also pinpointed the need for farmers to build good local networks with other farmers, advisers, farm consultants and rural bankers to keep their spirits up and concentrate on a forward-looking approach.
The red meat sector is different to dairy in yet another way. For instance, 74 per cent of red meat farms are family owned businesses, 10 per cent are Maori businesses or Maori-owned businesses.
There are also succession issues with the average age of farmers approaching 60 years and more than 70 per cent of those canvassed identified succession as a problem. This is higher than any other sector, including dairy (60 per cent).
This poses a big problem when it comes to investing in the performance of their farm businesses. As the report notes, an investment with a seven-year payback looks very different to a 60-year-old than a 40-year-old.
ANZ talked to 275 red meat businesses which ran the full gamut in size, location and structure. What the researchers found was limited awareness by farmers and their advisers of the business models that can achieve greater returns.
They also found the top performing farmers were achieving returns on investment that outshone almost any other producers in New Zealand. However, a larger number of farms were achieving more modest returns and comparatively flat growth.
An example of a top performing farm is Lone Star Farms - a beef and cattle farming company with eight properties (one in the North Island and seven in the South Island).
Lone Star Farms finance manager Tim Wanklyn was adamant you can manage what you don't measure.
Their approach is data driven. As the report notes, their feed budgeting is based on demonstrated growth rates - "in rough terms if you know your pasture area, and you know how much stock eat, and how many you have, the difference is growth", says Wanklyn.
Another lesson is: once you understand the key profit drivers the important thing is to understand what you can influence and break them down into manageable day-to-day actions.
Having a written plan is important - "the difference between thinking about it and writing it down is often the difference between might do and have done".
Turley says: "The challenge now is to narrow the range of performance across the industry. High performers have confidence in the future of the industry and they back their ability to make a difference to the productivity of their business."
He believes the red meat industry is at a tipping point.
"The world wants New Zealand red meat, and high-performing farmers are taking full advantage of that with returns that are among the best of any agri sector in the country."
Not surprisingly, there is a widespread belief that there has been insufficient progress towards the integration of the industry.
But while red meat farmers face some new pressures - the overall prospects for the sector are bright.
It's a question of lifting sights above the farm gate.
