Drought has forced wool producers to sell their live stock in the market and the head count of the country's flock stands at a staggering 92 million.
Statistics issued by Australian Wool Testing Authority (AWTA) recently showed that wool production this year has reduced by around 8-9 percent amounting to a total output of 395 million kilograms of wool. The situation calls for a serious consideration since this is the second consecutive year of drought.
Cotton production in the country is facing the same crisis since scarcity of rainfall has immensely affected the yearly crop production. So much so, that the 2008 National Australian Cotton Trade Show in Moree had to be annulled.
Speaking on this issue coordinator of the event, Mr Brian O'Connell said, "drought has hit the industry pretty hard in recent years and at this time we believe a year off is the right thing to do”.
However, rains have finally found its way to Australia and producers are hopeful to have a better output in the forthcoming year.