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The pastoral hills of Boorowa, 340km southwest of Sydney, do not conform to the typical image of the sunbleached Australian outback. But this is the heartland of the au$2.4bn (€1.9bn) Merino wool industry and a new source of optimism for the Australian economy.

Following the 1991 collapse of the government-led protectionist Reserve Price Scheme – which manipulated the global wool market for almost two decades and led to a devastating 20-year free-fall in Merino flock numbers – Australia’s 43,000 wool growers are only just starting to find their…



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