To do this, we must learn lessons from history; however, we should not be blinkered by history – we must use our knowledge of the past, combined with our intellect and our imagination, to anticipate and design appropriate responses for the challenges of the future. In response to the crisis, a new risk control framework is evolving in many of our institutions.
One clear example is the wine industry, where the price of grapes internationally has not shown the same pattern as that for many other commodities, with the Australian dollar price of grapes falling significantly. As a result, the average Australian dollar export price for wine has declined by around 40 per cent over the past decade, and production has fallen over recent years.