Wine crisis in Australia

The price of wine exported from Australia has gone down with 30% according to a report by the consultant Deloitte. It is feared that a continued trend of lower export prices of cheap bulk wines will have catastrophic effects for the Australian wine industry. Read more on Decanter.com. Production substantially exceeds consumption for Australian wines. This year’s harvest is estimated to reach 1.4 million litres. Together with accumulated reserves it is expected that the surplus will reach 800 million litres of unsold wine… Which certainly will not help the price levels. Read more on News.co.au