In the three years from 2003, Australian Wool Innovation (AWI) has delivered at least $417million in benefits to Australian wool producers, outlined in an independent assessment of performance.
This review of performance was completed in accordance with the requirements of the Statutory Funding Agreement for the coming 2006 WoolPoll; to determine whether AWI achieved its strategic and operating goals foreshadowed in 2003.
Conducted by ACIL Tasman, the report reviewed projects from each of the three portfolios of Wool Production, Product Marketing and Product Development. The report also concluded that AWI has created the opportunity for a further $203million to be realised from current on and off farm programs in the next 3 to 5 years.
Dr Len Stephens, Australian Wool Innovation (AWI) Chief Executive Officer says the results show a significant return on investment for Australian woolgrowers.
"AWI has received $162million in woolgrower levies and Government contributions since 2003, and we have leveraged this to deliver strong results for our shareholders," said Dr Stephens.
"AWI's on-farm research and development will deliver benefits into the future through its five program areas, including animal health and welfare, genetics and wool quality, and wool harvesting.
"Whilst the off-farm sector has been less successful, re-direction of our business approach to be closer to manufacturers, retailers and designers has created opportunities to deliver up to $55million from increased demand over the next 4 years.
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