In 2024, Australian farmers ripped out millions of grapevines while two billion litres of wine sat unsold

Australia's wine sector is facing a perfect storm as farmers ripped out millions of grapevines in 2024 while two billion litres of wine languished unsold. The combination of oversupply and weak demand has forced producers into drastic action, signalling a significant correction in one of the world's major wine regions. It's a stark reminder of how quickly market conditions can shift for established wine producers.