Australian Wool Innovation's budget may decrease by $16m or more depending on the wool levy rate.

Australian Wool Innovation (AWI) may face a $16 million budget cut if the wool levy remains at 1.5%, with even a proposed increase to 2% resulting in a $4 million reduction in spending. For the 2023-24 fiscal year, AWI reported expenditures of $67.1 million against revenues of $63.4 million, relying on $3.7 million from reserves. Despite current market challenges, AWI leadership remains optimistic about future recovery in the wool industry.

September 29, 2024
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