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The British land in Botany Bay and begin to colonise, bringing with them the first fat-tailed sheep. The population was around 70.
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The first 13 Spanish Merinos arrive in 1797, brought from Africa. At some point, John Macarthur and Samuel Marsden acquire some of these and begin the process of selective breeding by crossing the Merinos with other breeds in order to find the one best suited to Australia's climate and topography.
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Governor King recognises the possibilities and benefits of producing wool when he arrives in the colony in 1800. With the building of the first wool mill in Parramatta, his idea led to the establishment of a textile industry.
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In 1821, Garraway's Coffee House in London conducted the first auction of Australian wool, which was brought for $2.27 per kilogram.
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The value of wool exports climbed from 2 million pounds to 41 million pounds between 1830 and 1850.
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Sheep have spread into every colony within 50 years of settlement, the annual wool clip is over two million kg, and wool has become Australia's primary export. Its population is now estimated at 2 million and growing fast.
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In 1870 Australia became the world's largest wool producer.
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Sheep numbers drop by nearly half between 1895 and 1903, amid one of the worst droughts in European settlement history. It takes about 30 years to reach the previous population of high of 106 million head.
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During the outbreak of WW1, Britain required large amounts of wool for the manufacture of military uniforms. After some lengthy negotiations, the British government agreed to purchase the entirety of Australia's wool production.
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By the mid-1920s, Britain was still buying about half of the wool clip, but Japan and the United States were becoming big buyers at auction events around Australia.
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Wool accounts for more than 62 per cent of the overall export value of primary items by the 1930s. Australia's quality wool is in high demand worldwide.
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The Australian sheep population is now approximately 125 million head, an all-time high.
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The wool industry achieves its pinnacle of prosperity in 1950-51, when the average greasy wool price reaches 144.2 pence per pound.
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The population of Australian sheep reaches another record number - 180 million head.
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Wool prices reach an all-time low, valued at 60 cents per kilogram.
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Wool export passes $1 billion
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As a result of extraordinary seasons and great demand, the production of wool is increased to over 1 billion kg throughout the 1980s.
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In 1991, Australia's wool industry collapsed, resulting in an oversupply of wool. As a result, Australia had 4.7 million bales of wool stored in its warehouses. Due to the abundance of wool on the market, wool ranchers were obliged to shoot their sheep.
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The 1990s were one of the driest periods in recorded existence. Drought struck most wool-growing areas in 2002–2003.
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Wool production and sheep numbers are at their lowest levels in 50 years in 2004.