Australia’s wine business on the rise
The inside story of Australian wine is a heartbreaking tale of boom and bust. Veterans still shake their heads over “The Great Vine Pull of 1987.” After five years of uncontrolled surpluses, the government actually paid growers to remove Shiraz vines and leave their land barren. The result was the loss of thousands of acres of the best old-vine Shiraz. The industry recovered and another boom ensued, only to come crashing down in the recession of 2007-2008. Then a strong surge in the value of the Aussie dollar made entry-level wines such as Yellow Tail no longer seem like appealing bargains.