Prices are at an all time high and look to be staying there. 

The Australian Wool Annual Review released this month details exports, prices and production are all up and holding steady. 

According to the report, after 20 years of decline, “the 2015/16 financial year appears to have marked the low point in Australian shorn wool production.”

Geoff Angel from Fox and Lillie Wagga said locally the market has been particularly strong for merino and fine-wool, but cross-bred prices have slumped. 

“So many other origins supply cross-bred wool,” he said.

“Our merino wool is of such a high quality in Australia people have to come here to get it.

“Other countries supply it but it’s no nowhere near the standard.” 

The report details the 17 micron price has risen a massive 45 per cent over the past 12 months. 

China remains Australia’s number one buyer, responsible for 75 per cent of exports. 

Mr Angel said China is still their biggest market but they’ve actively tried to create a few more markets outside of it, with India a large emerging market.

“Nine or ten years ago 80 per cent of wool exported to China was just processed there to sell to Europe or the US. 

“There’s been a massive increase in the Chinese middle class and their domestic consumption is now a lot higher, with such a massive population, it’s a great thing for us.” 

Matthew Ridley from Wagga Wool Co said their turnover was up about 10 per cent. 

“The AMEX Indicator is the highest it’s ever been,” he said. 

“It’s a great time to have sheep, especially if you take meat into consideration as well.

“The wool job looks good for at least 12 months to three years.”