2016: A sensational vintage for Australian fine wine
The wine industry has experienced significant volatility over the last decade and, at times, widespread hardship and poor profitability. The emergence of certain recent macro-economic structural changes has finally created positive signs for Australian wine producers. The key structural drivers behind these shifts include the weakening Australian dollar, the emergence of new export markets (or improved access to existing markets) underpinned by Free Trade Agreements, strengthening consumer demand in some key market segments (particularly the premium wines segment) and a re balancing of supply and demand towards the equilibrium. Overall, the near-term industry outlook has improved which is reflected in the findings of Wine Australia’s 2016 Vintage Report.