Fonterra has made two record breaking announcements in quick succession, lifting both this year’s payout and the forecast for next season.

The dairy giant announced on Tuesday the current season’s payout was lifted, rising to a record breaking $8.00 - $8.10.

On top of this, an opening payout range between $7.15 and $7.25 was forecast for the new season.

Federated Farmers Dairy Spokesperson Lachlan MacKenzie says the opening forecast is well above what most had expected.

“Usually Fonterra tends to be quite conservative in their predictions but they’re certainly showing some confidence in the market holding where it is for some time”, he said.

Lachlan MacKenzie says the 10c lift in the current season’s payout will also put smiles on farmers’ faces.

“It’s encouraging, we’ve been waiting a long time for a year like this, and we’ve got to hope it’s not a flash in the pan.”

Click here for Fed's full statement on the payout.