(SMH) - AUSTRALIA'S biggest and most well-known family owned wine companies have posted flat revenue and shrinking earnings in the 2011 financial year as the sector faces a maelstrom of external shocks, led by the high Australian dollar, which has decimated exports, as well as a grape glut and competition from new world producers. The only bright spots on the horizon are the growing wine boom in China, although the market remains too small and immature to compensate for lost sales in developed markets such as Europe, while a restoration of Australia's image as a maker of quality premium wine rather than cheap and cheerful plonk is also helping to attract more drinkers.