Australia has so many sheep that some farmers are culling their flocks or giving them away

• The Australian sheep industry is facing a crisis as farmers cull and give away sheep for nothing.
• Record rainfall has seen the sheep population boom, but sent mutton prices tumbling. 
• Livestock are a key export for Australia. 

Australian farmers have more sheep than they can cope with and are culling livestock or giving them away for nothing, CNBC reported.

Three years ago the number of sheep was at an 100-year low. However, heavy rains have meant plenty of grass and the number of sheep has jumped to about 78 million – the highest since 2007, per Meat and Livestock Australia.