The Government, Silver Fern Farms, PGG Wrightson and Landcorp have announced a $150m rescue package for our red meat industry.

The initiative will shift the industry's focus to a demand-led model from a supply-led one.

Landcorp CEO Chris Kelly didn't hold back in declaring the package's significance.

“At the risk of sounding emotional, I really think this project is about saving our dry stock industry, and especially our sheep, beef and meat industry.

"The current model is broken – this will shift the focus from a supply model to a demand motivated model.”

The Government will provide $59.5m of the project's funding by way of the Primary Growth Partnership.