Australian wool-growers sack AWRAP board
AUSTRALIAN wool-growers have sacked the board of the Australian Wool Research and Promotion Organisation (AWRAP) in protest at the poor state of the market.
Wool prices have been slashed in half over the past decade, while the countrys production has slumped from 1.1 million tonnes in 1990 to 630,000 tonnes.
Australias agriculture minister will appoint a new board. He has announced the formation of a task force to study the market.
AWRAP handles a budget of A$100m (38m) from a 4% levy on wool-growers sales. The board were voted out by 73.4% majority.
- Financial Times 02/12/98 page 38