We often say that Australia is no longer riding on the sheep's back to demonstrate how advanced we have become technologically. But that does not mean that the wool industry in no longer relevant to the Australian economy. It is, and its importance is hard to overestimate. This is around 17 per cent of all our farm exports. Australia remains the largest exporter of wool in the world and the immediate outlook is encouraging.
Prices are generally up from last year and consumer demand appears to be improving.
And you know there is plenty of wool to satisfy this demand. The fact that overseas demand is improving is especially encouraging. I am sure I don't need to explain to this audience how important trade is to the livelihood of the Australian farm sector. Over 70 per cent of Australian farm produce is exported, but this figure is even higher for wool. With wool exports reaching over 90 per cent of production this year, the wool industry heavily depends on access to overseas markets for success.