China appears to no longer be the golden goose it once was for Australian wine exports, as demand slackens for even prestigious labels.

Penfolds owner Treasury Wine Estates (TWE) this week announced it would sell less of the luxury label in China than had previously been forecast.

It comes off the back of changing drinking habits and a reported crackdown on lavish banquets for civil servants.

Premium wines have in recent years been the best performers for Australian exports into the once-booming Chinese market, but changing economic conditions have taken their toll on the industry.

Wine Economics Research Centre executive director Kym Anderson said belt-tightening, health concerns and tariff wars had all hit the global wine trade.

"It's true in lots of countries, not just China, that

See Full Page