China triggers resurgence of Australian woolgrowers

The saying used to be that Australia's economy "rode on the sheep's back."

The wool market is thriving again Source: AAP

That was back in the 1950s, a time of massive demand for wool to make Korean War uniforms.

The wool industry has shrunk dramatically since the 1991 collapse of a Government scheme meant to stabilise prices.

But prices are storming back, this year hitting record highs, thanks to China.