Australia lifts wool floor price

Press, 6 July 1983, Page 29

Australia lifts wool floor price

NZPA Canberra The Australian wool floor price has been increased 1.3 per cent to 460 c a kilogram clean, Australia’s Acting Minister for Primary Industry, Senator Peter Walsh, has announced. Senator Walsh said the Government had authorised the Australian Wool Corporation to raise the 1983-84 floor price from 454 c to a kilogram. The increase comes after a 7.5 per cent rise after the

March devaluation of the Australian dollar. The 1983-84 floor price of 460 c a kilogram clean represents a rise of 9 per cent on the floor price of 422 c a kilogram clean originally set for the 1982-83 season. Senator Walsh said price relativities for the various wool types around the 460 c average would be set and announced by the AWC. The Government had decided to raise the floor price after taking into ac-

count recommendations from the Wool Council of Australia and the AWC, with a detailed analysis by the Bureau of Agricultural Economics. “The market for wool has firmed in the latter part of the 1982-83 season and the latest BAE forecasts suggest a further’ firming in 1983-84, with average prices likely to be well above the c u r - rent floor level,” he said.

“However, in view of the relatively high level of stocks being held by the Australian Wool Corporation, I believe that the modest 1.3 per cent increase in the floor price is a responsible decision, which will provide stability for the wool industry during 198384,” he said. Senator Walsh said the Wool Council’s request for a third refund of market support levies during 1983-84 was still being considered.