AUSTRALIA’S resource and energy export figures are on track to set a new record of $226 billion in 2017–18 – and go even higher this year – according to an in-depth Government report released.
Minister for Resources and Northern Australia Matt Canavan said strong demand and prices for LNG, iron ore and coal in particular were pushing total exports from the sector to the new records.
“It is likely coal and iron ore will continue to fight it out for the title of Australia’s top export-earner in coming years, while LNG will also perform strongly, “Minister Canavan said.
“These are very exciting figures,” Minister Canavan said. “They’re great news for the Australian economy.
“These figures demonstrate once again the vital importance of the resources sector to Australia, providing a massive contribution in terms of spending, royalties and jobs throughout the nation.”
Minister Canavan was commenting after the release of the June 2018 Resources and Energy Quarterly – compiled by the Department of Industry, Innovation and Science – which provides in-depth analysis of commodity markets and detailed forecasts for production, exports and prices.
The June edition also provides a special analysis of Australia’s promising future as an LNG exporter.
“Australia is set to become a global powerhouse in LNG over the next few years as tens of billions of dollars in investment start to pay off,” Minister Canavan said.
“Three huge LNG projects are expected to be completed in 2018. The completion of Wheatstone, Ichthys and Prelude will create a huge benefit to the Australian economy as production kicks in and exports get underway.”