I'm buying Aussie Shiraz for as little as $3.99 a bottle. I don't even make a special effort to select wines right now, because it's so cheap in the supermarkets. Don't know how long this will last, but its been a great run!
There is a rather large Aussie glut too, has been for years and will likely continue. Also reflected in price - and doing rather well at the grocery store tier.
Unlike most of the French bulk wines, the Australian wines are quite drinkable and don't need to be distilled into industrial products...lol.