"Australia is drowning in wine, with the equivalent of more than 2.8 billion bottles, enough to fill more than 850 Olympic swimming pools..."

"... swilling around in storage tanks or barrels. The cost of its key ingredient has collapsed, particularly for red grape varieties such as cabernet and shiraz.... Much of the wine languishing in giant tanks had been destined for [China], which had developed an insatiable thirst for its red wine. This market virtually disappeared in March 2021, when Beijing, furious at calls from Scott Morrison, then the prime minister, for a UN inquiry into the origins of Covid, imposed 200 per cent tariffs on Australian wine.... The market in China had already been contracting. As in many other countries, there has been a general drop in alcohol consumption.... Oenophiles hoping winemakers will be flooded with cheap Australian shiraz are likely to be disappointed. While the price of grapes has plummeted, other overheads, such as energy, labour and shipping costs, have surged. Vintners are also worried that cutting the price of their posher wines will damage the credibility of their brand...."

From "Australia is drowning in 3bn bottles of wine. Any takers?" (London Times).