Tuesday, June 24, 2003

Australia: Wine glut alert?

Wine glut alerts bank to grape grower debt and we need to be aware there's no magic bullet here either, it is a chronic condition just like the other one?

You know, Abra Cadabra.

The National Australia Bank (NAB) has issued a warning to its staff about lending money to wine grape growers.

The NAB has distributed an "industry risk alert" to executives in light of the current glut of wine.

The alert states there is an oversupply of some red grape varieties, and warns growers will be exposed to lower prices and more selective buyers. The document highlights wineries in the $10 to $20 million turnover range as being most likely to experience a tightening of profit margins and to seek increased borrowings.

It recommends bankers exercise care when considering new or increased lending. Wine Grape Growers Council of Australia's chief executive Rhett Marlowe, is not surprised at the alert. "To me it's simply a wake-up call that should have happened years ago, and people should have been far more cautious."

By Warlock 24 June 03

THE MAGIC BANNANA: The Chronic Conditions Council of Australia highlights wineries in the $10 to $20 million turnover range as being most likely to cause chronic conditions from alcohol consumption and increasing financial burden of alcohol misuse in Australia.

A new Federal Government report released as part of Drug Action Week has highlighted the increasing financial burden of alcohol misuse. Alcohol-related incidents cost the Australian taxpayer more than $7 billion in a single YEAR.


Related:

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