Treasury Wines, the country's biggest winemaker, has posted a 649 million dollar half-year loss, as weak sales in China and the US bite hard.

But it's not the only company under pressure.

Global wine consumption has been declining for years as younger generations drink less and competition from non-alcoholic alternatives re-shape demand.

• Guest: Kym Anderson, Emeritus Professor at the University of Adelaide and Executive Director of the Wine Economics Research Centre 
• Producer: Tyler Hall