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Wool industry looks to put sheepish 2020 behind it

The wool industry is working towards 2021 being a better year for the sector.

It was a perfect storm for Australian Wool Innovation as a global pandemic, reduced grower levy from 2 percent to 1.5 percent, and drought saw a 45 percent drop in revenue.

The research, developing, and marketing body has had to draw down $8 million from its cash reserves, and is expecting to use more as the covid-recovery begins.

Chief Executive Stuart McCullough told rural editor Eddie Summerfield it’s the circumstances the funding has been put away from.

“The company over the last ten years has been very prudent in the better times to put away those reserves, we know things cycle,” Mr McCullough said.

Wool prices were down by 35 percent during 2019/20, as global demand remains delicately poised.

“China in particular has turned right back on with a ‘V’ curve their economy,” Mr McCullough said.

“Certainly Europe, North America, and the UK they’re in a bad way and they’re not even in the depths of winter yet so that’s concerning.”

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