Australian lamb prices reached records in 2025, but the supply was not was limited as many believed, according to industry body Meat & Livestock Australia. 

Major drivers were quality and finish: well-finished lambs achieved premium prices, but fell below average when the they lacked finish. “This distinction matters because it can create the impression of a widespread shortage, even when overall lamb availability is reasonable,” said Emiliano Diaz, MLA senior market information analyst.

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