The function of Wool International is the sale of the wool stockpile and reduction of the debt, the development of forward markets for wool and the ultimate privatisation of the organisation to market wool efficiently on behalf of Australian woolgrowers.

Wool International was established under the Wool International Act of 1993 and commenced operations on 1 December 1993. In 1997 further legislation amendments provided flexibility in the disposal of wool and introduced a target of 31 December 1998 for a repayment of accumulated debt. The June amendments narrowed the tasks of Wool International to selling the stockpile, eliminating debt and returning surplus funds to the woolgrowers.  Savings provisions allowed Wool International to undertake market reporting, futures and forwards education and to investigate the potential for setting up a wool trading enterprise (subject to Ministerial approval) for woolgrowers to invest through a unit trust.

The Government announced on 10 December 1998 its decision to return ownership and control of the wool stockpile to the wool growers who paid for it effective from 1 July 1999. The Wool International Privatisation Act passed on 27 May 1999 transferred ownership of the stockpile; and Wool International was converted to a Corporations Law company, WoolStock Australia, and shares issued to existing unit holders, on 1 July 1999.

WoolStock Australia, chaired by Donald McGauchie, took over the assets and liabilities of Wool International and recommenced wool sales from the stockpile, at that time just over 1 million bales, on fully commercial terms.

Sources:
Commonwealth Government Directory, March - May 1997. Annual 1996/7.
Media Release, The Hon. Mark Vaile, Minister for Agriculture, Fisheries & Forestry. Ref. AFFA99/102V, 1 July 1999.
Office of Asset Sales and IT Outsourcing, Completed sales, Wool.

Wool House, 369 Royal Parade, Parkville, Victoria

CREATION: Wool International Act No 64 of 1993
ABOLITION: Wool International Privatisation Act 1999