One of the sharpest minds to ever grow wool has outlined the simple case for its survival as a significant Australian industry. Allan Myers QC grew up surrounded by fine wool producers and is now a significant grower himself.
But his fears for this once great industry have driven him to offer a rare public opinion.
The top Melbourne-based QC has amassed a net worth valued in the hundreds of millions by making apt business decisions and providing valuable legal advice across three decades.
But it is as a producer of 1500 bales of superfine/fine wool a year from his Western District Merino flock that he asks the same question many have asked before - why can't growing such a wonderful natural fibre be more profitable?
The reply to this enduring question challenges various wool fundamentals.
"Everyone in the wool chain must realise they are better off paying more for raw wool," Mr Myers said.
"Growers and manufacturers have to get together to promote particular wools to create more perceived value and move away from the auction system.
"I also believe it's finally time Australian Wool Innovation was scrapped completely, along with Woolmark and the industry fully commercialised.
"Paying a 2pc levy has essentially been giving away our profit and we have nothing to show for it."
Despite these concerns he will continue to grow wool for what he terms "idiosyncratic" reasons but can't see why anyone would continue growing fine wool for pure financial motivation given the current state of the wool industry.
* Extract from an exclusive special report in selected Rural Press weekly newspapers, September 25 editions.