The 1970s were a turbulent time for Australian farmers, with many markets down, but for struggling wool growers, it was a time of change.
In 1974, the much-debated wool floor price was introduced.
The Australian Wool Reserve Price Scheme was established to smooth price fluctuations and provide producers with a minimum price.
The scheme operated for 17 years before being abandoned in 1991.
It led to a massive, unsellable stockpile of wool, and the Australian Wool Corporation went broke trying to maintain the price.
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Wool growers were forced to shoot sheep that hadn't been shorn because their wool was worthless after the crash in 1991.
Wool Growing, Radio, ABC