Australia's peak industry organisation, the Australian Wine and Brandy Corporation, has given its sharpest warning yet of tough times ahead for the country's wine industry.

Speaking to an industry audience earlier this week, chief executive Sam Tolley said that they were confronted by the toughest challenges in over a decade.

"While we remain the hunters, we are now also the hunted," Tolley said of the competitive new home and export environment. However, he tempered his strictures saying: "We've had 10 amazing years of growth and success.

"While they may not be repeated, everything points to the next ten years being another positive decade."