However it is the last decade that has seen spectacular growth in exports following rapidly increasing appreciation of Australian wines overseas. Major wine producers from abroad have invested in Australian wineries and Australian companies have taken controlling interests in wineries in countries such as France and Chile. The principal destinations were the United Kingdom, the United States, New Zealand, Canada and Germany. In return, the Australian wine industry is phasing out its use of European geographical indications such as 'Beaujolais', 'Hock' and 'Chianti', which have already been discontinued, together with a range of other geographical names. In the future, the industry will use varietal, regional and brand names to market its wines.
Wine production is a significant industry in Australia.
Tourism adds another dimension to wine's importance. International and domestic tourism related to the wine industry accounts for an important share of Australia's export earnings, employment and taxation income. During the 1999 season, the industry achieved several new records for production. Stocks of Australian-produced wine held by winemakers rose to 1.090 million litres. Domestic sales of Australian-produced wine have continued to increase and reached a record 370 million litres in the 12 months to December 1999.