A global recession, manufacturing costs going through the roof, and consumers not having much to spend after high living costs and inflation had all taken take their toll, he said.
Mackay mentioned the concerns around poor wool clip preparation, saying farmers couldn’t be blamed as they were getting next to nothing for their wool - they just want to get it in the bale and get rid of it.
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Petersen said that it made sense to take good care, even at times like this, as premiums were still being paid for well-prepared wool.
Petersen said there was quite a bit of contamination coming through - like rubbish and even T-shirts.
It was important for farmers to at least show up in the woolshed at shearing time and tell the shearers what they expect, he said.
“If they don’t think you care, it’s easy for [shearers] to take the same attitude. It doesn’t take much ... to keep it clean and tidy ... it does pay off.”
So what’s the good news?
Wool was natural and sustainable and it had to become fashionable again soon, Mackay said.
He predicted that 2024 was the year for a likely turnaround.
Petersen said PGG Wrightson had just had one of the biggest users of New Zealand crossbred wool out here.
They were continuing to expand production as they see a swing towards natural fibres, he said.
Demand for wool was expected to increase worldwide but if supply was slipping - which it seemed to be - this could be a problem long-term, he said.
