POTENTIAL $400 MILLION LOSS TO DOMESTIC WINE INDUSTRY IF TURNBULL FAILS

Today Labor's Shadow Assistant Minister for Rural and Regional Australia Lisa Chesters MP spoke to King Valley wine producers about the importance of retaining the term ‘prosecco’ in the upcoming Australia-EU Free Trade Agreement negotiations to help create Australian jobs.

Italy has made clear during informal industry discussions that it wants a geographical indicator for prosecco in the upcoming Australia-EU Free Trade Agreement..

Industry experts estimate the Australian domestic market could lose up to $400 million if they are stripped of the prosecco branding.

If Turnbull agrees to Italy’s demand, the move would prevent Australian winemakers from using the name prosecco and could potentially cost Australian jobs.

The prosecco variety has enormous growth potential with a 78 per cent increase in local production between the 2016 and 2017 vintages. King Valley Wine producers should have that chance to continue to capitalise on this successful type of grape.

Labor is sympathetic to the concerns raised by Australian winemakers and join their call for Turnbull support the Australian prosecco industry.

Labor understands that Australian jobs and regional investments are at stake. We recognise how important it is for Australian wine makers to use the term prosecco for domestic and overseas markets.

Labor also urges the Turnbull Government to adopt Labor's policy to conduct independent economic modelling of the final agreement so that Australians know the benefits of the deal.