Breaking The Sheep's Back

From the author of the influential The Australian Merino comes the shocking true story of the decline and fall of the Australian wool empire - a tale that features a brace of Australian characters, political skulduggery and betrayal on a massive scale. Breaking the Sheep's Back is the untold story of Australia's biggest business disaster. It involves government complicity, and it is a political scandal that reaches into the offices of Cabinet ministers and prime ministers across six federal governments. In only twenty years, from 1989 to the present, the Australian wool industry - once the nation-building iconic representation of the country - has been cut to only a third of its size, due in large part to this disaster. When the Australian Wool Corporation's Reserve Price Scheme collapsed in January 1991, there was a 4.8-million-bale stockpile of unwanted wool, and its bankers were left owing $3 billion in government-guaranteed debt. During the years leading up to the crash, the Wool Corporation and its affiliates recklessly spent a further $5 billion of woolgrower and government funds.