COMMENT: Oz wine market continues to harden
By Tony Baker | 1 March 2004
As a forecasted record vintage by volume gets under way, there is increasing evidence that Australian wine industry is being hit by excess supply. Official forecasts put this year's grape crop at 1.81 million tonnes, 28% above the drought affected 2003 vintage. But already there is anecdotal evidence that independent grape growers are being confronted by producers' demands for lower prices.
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As a forecasted record vintage by volume gets under way, there is increasing evidence that Australian wine industry is being hit by excess supply. Official forecasts put this year's grape crop at 1.81 million tonnes, 28% above the drought affected 2003 vintage. But already there is anecdotal evidence that independent grape growers are being confronted by producers' demands for lower prices.
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