ACWEP president Chris Kelly believes the Wool Exchange Portal revealed “very small” savings and posed a risk to finance guarantee for online trades.
Despite industry views the estimated savings are not what they are cracked up to be, wool exporters and processors are “cautiously” supporting Australian Wool Innovation’s digitalisation of the wool market.
Following meetings by the Australian Council of Wool Exporters and Processors (ACWEP), president Chris Kelly, Australian Merino Exports, said the $38 million lauded in consolidated savings over the first 15 years was “bemusing”.
Mr Kelly said the savings were equivalent to $2.5 million per annum, or $1.50 per bale based on first hand offerings at auction in 2015/16.
“Some of the figures are bemusing,” he said