“We are geographically close to burgeoning Asian markets and our strong relationships have enabled us to tailor our product to satisfy our customer requirements.

“We are close to the lowest cost manufacturer of raw sugar globally because our exposure to competition has spurred innovation and supply chain efficiencies,” said Mr Rynne.

Mr Rynne said global sugar prices have been falling in real terms year on year, and unlike competitors Thailand and Brazil, the Australian industry is more vulnerable because it has relied almost exclusively on the sale of raw sugar.

“Price cycles are a feature of raw sugar markets, but we are facing deeper and longer price troughs caused in part by subsidised production in countries such as India that breach World Trade Organisation rules,” he said.

“In response, we have not been able to diversify our revenue streams substantively, and prolonged uncertainty around national energy policy has also limited any increase in cogenerated renewable power production, despite the significant potential. 

“And with demand in its infancy, expansion of the market for bioethanol has yet to be realised,” said Mr Rynne.

The Brazilian and Thai sugar industries have successfully managed to diversify risk, add value and increase revenue in recent years. Both counties are pursuing multiple strategies, supported and driven by government and industry.

“ASMC believes Australia urgently needs to develop an industry-government revitalisation agenda,” he said.

“To secure our future, we need to consider alternative pathways and to pursue multiple commercial and government policy reforms” concluded Mr Rynne.