The national sheep flock is forecast to fall to 65.8 million head this year, one of the lowest numbers since the early 1900s, according to Meat and Livestock Australia.
Since the end of the wool reserve price scheme in the 1990s, where farmers were guaranteed a price, national sheep numbers have dropped by almost 100 million, raising the price for wool and lamb to record highs.
Stock agent Ross Ellis says 60 to 70 per cent of his clients have run significantly less livestock than they normally would, and they haven’t had a run of seasons where they could build up any reserves.