Australian wine industry slashes surplus estimate

[wineo]

Australian wine industry slashes surplus estimate
Chris Snow

Australia's wine industry surplus is only about half the 900m litres it was thought to be, decanter.com has learned.

Figures, due to be released by the Australian Wine and Brandy Corporation tomorrow, put the over-supply at around 450m litres. But it may be even less, as industry insiders believe the downward revision to be conservative.

The revised estimate is based on an amended forecasting model developed following talks between the AWBC, the Australian Bureau of Statistics and industry players.

The revision means that the industry surplus is now likely to be eliminated by the 2008 vintage, two to three years ahead of previous forecasts.

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