The new system was given the tick of approval at the AWI AGM on Friday, which reported a positive year of delivering research, development and marketing for woolgrowers.

Addressing the meeting via webcast, AWI CEO Stuart McCullough said the industry enjoyed a strong position, buoyed by increased demand at retail and new fabric designs and innovations.

McCullough said the Wool Exchange Portal was another step by the organisation towards a stronger digital future. 

"We live in an age of extraordinary digital opportunities. As an organisation that seeks innovation we must explore and embrace the opportunities this offers on farm through Agri-Tech, off farm through new fabrics and processing, in our marketing and communication work. The development of an online Wool Exchange Portal (WEP) is a natural extension of this exciting era," McCullough said.

The Wool Exchange Portal Working Group voted unanimously to support the development of a Wool Exchange Portal, and will now engage a number of different parties and industry groups and will require specialist skill sets and expertise in the area of digital exchange platform construction.

The portal now allows wool sellers and buyers access 24/7 and will add more options for selling and information.

The Working Group chairman Will Wilson said the portal would “truncate some of the transport and handling costs from the sheep's back to the ship's rail”.

"We had representations from the buyers and they were adamant that the WEP must enshrine the parts of the process that ensured wool growers got the highest possible price for their wool,” Wilson said. 

The panel will commence a cost benefit analysis on the portal.