Australian Wool Reserve Price Scheme

Th Australian Wool Reserve Price Scheme (RPS) was a price floor scheme for wool that operated in Australia between 1970 and 1991. The scheme was set up by the Australian Wool Commission, created in November 1970, which was succeeded in January 1973 by the Australian Wool Corporation (AWC). The scheme was set up to smooth out fluctuations in prices for wool, of which Australia continues to be a major producer. The objective was for the AWC to buy wool when its price was below the floor price, which after 1987 was set by the Wool Council of Australia, and then sell it later when the market recovered. The scheme was funded by a levy on wool sold by growers. The Wool Council of Australia was established in 1979, and was the peak national body representing Australia's woolgrowers on wool industry issues and was responsible for the development and implementation of woolgrower policy. In July 2001, it was replaced by WoolProducers Australia.