THE WOOL DEBT, THE WOOL STOCKPILE AND THE NATIONAL INTEREST - DID THEGARNAUT COMMITTEE GET IT RIGHT

In July 1993 the Wool Industry Reviews (Garnaut) Committee presented i ts recommendations on disposal of the wool stockpile, on wool marketin g, and on organizational arrangements in the wool industry. This paper focuses on the Report's treatment of two issues central to the future economic benefits to Australia from wool: the approach to the industr y's stockpile-related debt, and disposal of the stockpile. There are s trong grounds for thinking that the Garnaut Committee's recommendation s on these issues-accepted by the government- are contrary to the best interests of the wool industry and Australia.