1988 - today

• The wool market collapses and in February 1991 the reserve price scheme is suspended when the size of the AWC stockpile reaches 4.7 million bales. The Government, with the agreement of the industry, decides that the scheme can no longer be maintained.
• In 1991 the functions of the AWC are divided between three newly established entities - the Australian Wool Realisation Commission (AWRC), the Australian Wool Corporation [II] and the Wool Research and Development Corporation (WRDC).
• New technologies for measuring Diameter Distributions of greasy wool, Sirolan™ Laserscan and OFDA100, both developed in Australia are described to the industry at IWTO.
• In July 1993 the Wool Industry Review (Garnaut) Committee presents its recommendations on disposal of the wool stockpile, on wool marketing, and on organizational arrangements in the wool industry.
• In December 1993 Wool International replaces the Australian Wool Realisation Commission to manage the stockpile. The Australian Wool Research and Promotion Organisation (AWRAP) is established, merging the activities of the AWRC and WRDC. In 1994 the activities of the Australian Wool Research and Promotion Organisation and the International Wool Secretariat are also merged and are governed as one organisation under the control of AWRAP.
• Throughout the 1990's wool prices remain flat as the stockpile is sold down and wool production falls.
• In 1997 The Woolmark Company Pty Ltd is established. The Company is initially a subsidiary of the Australian Wool Research and Promotion Organisation but later becomes a subsidiary of Australian Wool Services Limited.
• Test methods based onSirolan™ Laserscan and OFDA100 are approved by IWTO. AWTA Ltd announces that it has selected the Laserscan technology to replace the Airflow in July 2000.
• In 1998 Grower discontent results in a new enquiry, the McLachlan Taskforce, into the industry. The Taskforce releases its report, which results in another restructuring.
• In October 1998, the Government announces its intention to privatise Wool International and to pass ownership and control of the wool stockpile to shareholders. Parliament legislates a freeze on stockpile sales until 30 June 1999 and appoints an Interim Advisory Board to facilitate a smooth transition from Government to private ownership
• In July 1999 Wool International is privatised and Woolstock is formed.
• In July 2000 AWTA Ltd replaces Airflow with the Sirolan Laserscan for certification of Mean Fibre Diameter of raw wool.
• In January 2001 Australian Wool Services Limited (AWS) is established. The Australian Wool Research and Promotion Organisation is converted into a Corporations Law company limited by shares. AWS is the holding company for two subsidiary companies - Australian Wool Innovation Pty Ltd and The Woolmark Company Pty Ltd.
• Australian Wool Innovation Pty Ltd is established as a subsidiary of Australian Wool Services to manage the proceeds from the wool levy and outsource R&D and intellectual property management.
• In August 2001 the Government introduces legislation to bring forward the final cash distribution to woolgrowers from the sale of the stockpile.
• In April 2002 WoolStock donates the the last bale in the stockpile to the Geelong Wool Museum.
• The 1990's are one of the driest decades on record. In 2002/03 severe drought hits most wool growing areas.
• In 2004 wool production and sheep numbers fall to the lowest levels in 50 years.

Sources: Australian Science & Technology Centre, AWTA Ltd