Mr Lempriere passed away as a result of injuries sustained in a motor vehicle accident while travelling to his farm on New Zealand's South Island.

He was chairman of wool trading company Lempriere Pty Ltd, and was a former president of the International Wool Textile Organisation (IWTO).

He also served on the Southern Region Wool Buyers Association, Australian Council of Wool Exporters, the Federation of Australian Wool Organisations, and as a Director of AWTA.

He was widely respected within the industry.

A statement today from Peter Morgan, of the Australian Wool Industries Secretariat, to AWIS members said "Michael was among the most respected and credible national and international wool industry persons".

"He brought considerable knowledge and wisdom to all activities he was involved in and had the wonderful ability to get a meeting to focus on the key aspects of issues," the statement says.

"He will be missed by all and our thoughts are extended to Diana, William and Ben and their families."