Australia's peak wool producers' body vows to axe staff and slash costs as it tries to deal with the fallout from the COVID-19 pandemic and a global downturn in retail spending.
Growers welcomed the comments as prudent but said it was crucial AWI cut spending in marketing rather than research and development. While the plummeting price of wool has buffeted AWI's bottom line, making financial matters worse was the decision by growers last year to reduce the non-profit's share of the wool clip.
"They've acted appropriately in cutting back on their marketing spending significantly because it was obvious that there wasn't much point in spending that money," Mr McGuire said."The thing for me is we have to get used to producing wool at what the market says it's worth and that comes down to productivity.
"We certainly don't want to see any cuts to any blue-sky projects — on places that we know we're going to have to go with issues like public perception of how we deal and work with our animals," he said.
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How is coronavirus responsible for a drop in demand for wool products?
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