Australia's wine production drops

Wine sales have remained steady despite dwindling production of Australian drops which fell to 964 million litres as of 30 June 2023, marking the first time production was below one billion litres since 2007. The national inventory of wine also remains high despite decreasing by 4 per cent over the 12 months to 2.2 billion litres – equating to about 880 Olympic standard swimming pools. Total industry storage capacity is estimated to be approximately 3 billion litres. The figures come from the latest Australian Wine: Production, Sales and Inventory report from Wine Australia, which found that the recent lowest annual production of wine in 15 years was not enough to reduce pressure on inventory levels. The industry body said red wine, in particular, was being stored at high levels, with reds making up 54 per cent of total Australian wine production. “This is a move in the right direction for the sector as it responds to the challenge of rebalancing supply and demand,” Wine Australia ...