Business
Western Queensland wool country still fighting to bring wool back 30 years on from the industry crash – ABC News
When the wool market crashed in 1991, the industry was left scrambling trying to work out what to do with a stockpile of 4.7 million bales of wool.
Thirty years ago, Australia’s wool industry was on the brink of disaster.
Key points:
- Australia’s wool industry crashed in 1991 which led to an oversupply of wool
- As a result, Australia had a stockpile of 4.7 million bales of wool in storage
- Wool growers were forced to shoot their sheep because of the amount of wool already on the market
Overconfidence in the market in the mid 1980s saw the reserve price rise to 830 cents a kilogram.
As wool growers increased production rates, the national stockpile…
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