The increase has meant that prices in many regions are now at their highest levels since 2011. Since the beginning of the year, the price has increased from around AU$425 per 100kg, to approximately AU$550 per 100kg.
According to Mintec, dry weather conditions over the past few months resulted in a greater number of animals being slaughtered as a result of reduced grazing land, and increased feed costs.
"However, high export demand has driven prices upwards, with February 2014 seeing the highest February lamb export volumes on record, at 19,200 tonnes, up 9% year on year," said the report from Mintec.
Supplies are expected tighten going forwards, as the number of lambs fell by 9% at the end of February, to 2.3m head.