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Friday, July 21, 2006

 

Glut makes Australian wine cheaper than water

`Australian wine is being sold off cheaper than water, as a glut of grapes pushes the cost of a bottle to below two dollars.

Bumper harvests for three straight years have led to a massive oversupply, with up to a billion litres of unsold wine in storage tanks across the country.

Leading winemakers have seen their shares tumble and many grape growers could be forced out of business.

But for the consumer, it means quality wines are available at a fraction of the normal price as producers move their excess stock in unlabelled bottles known as cleanskins.’




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