By Boyd Champness

IF you need any further proof that Australia no longer rides on the sheeps back – with wool pivotal in helping Australia become the worlds wealthiest country in the 1950s – then this is it.

Rising milk production has knocked wool off its place as Australias third most valuable agricultural commodity.

The latest Australian Bureau of Statistics commodity survey ranks wheat as Australias number one agricultural commodity with a gross farmgate value of A$4.5 billion (£1.8bn), followed by beef at A$4 billion, milk A$2.9 billion and wool A$2.1 billion.