Mr Finnigan said the past 12 months “seasonally and price-wise was one of the best ever.”

“it was a perfect storm and we hope the storm continues,” he said.

Mr Finnigan got between $16.50 and $18 a kilogram greasy for wool he sold between February and August last year from his 15-18.5 micron flock. 

His top year reflects the findings of Agriculture Victoria’s 2016-17 Livestock Farm Monitor Report that found average statewide farm profits were the highest in more than a decade. 

Agriculture Victoria farm business economist Paul Deane said sheep producers experienced the greatest improvement in economic performance, with merino wool prices outperforming red meat prices.

“The Livestock Farm Monitor Report analyses the financial performance of 75 farms in Victoria’s key livestock regions of south-west, Gippsland and northern Victoria. We found that Victorian livestock farm profitability improved markedly in 2016-17, with some farms achieving record profits.

“High commodity prices for wool, lamb and cattle coupled with above average rainfall and pasture growth in parts of the state resulted in a strong increase in gross farm incomes and profits,” Mr Deane said.

“Victoria’s south-west and northern regions experienced a greatly improved pasture growing season, however seasonal conditions were varied in Gippsland.

“Sheepmeat, wool and beef cattle production are vital to Victoria's strong and growing economy, with approximately one third of the gross value of all agricultural production in Victoria coming from sheep and beef cattle industries,” he said.

Mr Deane said the 2017-2018 outlook for sheep producers was also looking good with both lamb and merino wool prices closing 2017 about 30 per cent higher than in December 2016.