Voting for WoolPoll, the voluntary ballot that sets the industry levy paid by growers to Australian Wool Innovation for industry research, development and marketing, opened on September 20.
The vote by eligible growers will determine the levy for the next three years.
The levy is currently set at 1.5 per cent, and growers can vote whether to raise or lower it by half a percentage point or cut it to zero.
The peak body for growers has not offered a recommended levy, but encouraged all operators to take part.
"We're one of the only industries that growers get to decide how much we pay," Wool Producers Australia president Steve Harrison told AAP.
"That's why it's important for growers to vote."
Mr Harrison said the industry was doing it tough amid high costs, weak wool prices and dry conditions across much of the nation's paddocks.
"We don't need another straw, it will certainly break the back of all wool growers at the moment," Mr Harrison said.
Australian Wool Innovation is calling for the levy to increase to two per cent, and has pointed to its recent wins in boosting shearer numbers through training programs and a successful campaign in the European Union to prevent misleading 'greenwashing' claims about synthetic products.
The organisation's chairman Jock Laurie said the industry had to position itself for a rebound in global markets.
"That's going to make a tremendous difference to the wool market," Mr Laurie told AAP.
Wool prices were still the biggest problem facing the industry, with Wool Innovation's forecasting committee expecting an upcoming reduction in production.
"The current price is not going to sustain wool production in Australia," Mr Laurie said.
But he was optimistic about taking advantage of an uptick in global markets.
"We've just got to make sure that we can identify the (opportunities) with the most potential and invest in those markets to try and drive as much demand as we can" Mr Laurie said.
Voting is open online, by email, mail or fax from Friday until November 1, and eligible for wool growers who paid $100 in levies in the past three years.
The new levy will start July 2025.
WoolPoll chair Rich Keniry said voting only took five minutes, but would play a key part in the direction of Australia's wool trade.
"The more that people can have a say and choose to vote, then the better the outcome for the industry," Mr Keniry told AAP.
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