A projected 23 per cent increase in Australia’s sheep flock since the last drought in 2020 has created a glut that has sent prices into free fall, as farmers scramble to sell before hot weather hits this summer.

Australia’s total sheep flock and breeding ewe numbers are forecast to hit 78.8 million in 2023, the highest level since 2007, after three straight years of above-average rainfall, according to a July update from Meat & Livestock Australia.