Wine industry digests unpalatable truths

Faced with a grape glut and cheap imports, Australian winemakers face a challenging future, writes Eli Greenblat for Business Day. Australia’s biggest and most well-known family owned wine companies have posted flat revenue and shrinking earnings in the 2011 financial year as the sector faces a maelstrom of external shocks, led by the high Australian dollar, which has decimated exports, as well as a grape glut and competition from new world producers