THE Australian olive industry has reached a major milestone, with more than 100 producers signing up to its voluntary code of practice.

Tasmanian producer Cradle Coast Olives was the 100th to sign on to the code, which guarantees the authenticity and quality of certified extra virgin olive oils.

The 103 signatories include major Victorian producers Boundary Bend and Cobram Estate, SA foodie Maggie Beer and Aldi, which last year became the first grocery retailer to sign up.

Acclaimed as a world-first, the voluntary code was launched in August 2008 after four years in development.

Only Australian olive growers who sign up to the code can display the code of practice symbol on their bottles of extra virgin olive oil.

To be certified, every drop of oil in a bottle labelled extra virgin olive oil must be Australian, meet or exceed standards for quality, be free of smell and taste defects, undergo organoleptic (taste) and chemical testings and have a free fatty acid level of less than 0.8 per cent.

The Rural Industries Research and Development Corporation recently released a proposed five-year strategic plan that will prioritise funding for research, development and extension activities for the industry, which has about 10 million trees in 800 groves and produces oil and table olives with an estimated retail value of $185 million a year.

And work began earlier this month on an Australian standard for olive oil, which is being developed by a committee of growers and agriculture and government representatives.

Australian Olive Association president Paul Miller said the standard was expected to be released for public comment later in the year.

"(The code) relies on the principles of the standard, because the standard encompasses what's good for consumers in terms of olive oil," Mr Miller said.

"The standard will cover all grades of olive oil and pomace oil - that's the stuff that's extracted from the waste.

"By necessity it is refined and ends up in refined oils that are currently labelled 'pure' and 'light'.

"The whole purpose is to clarify the labelling."