Resource and energy exports are on track to reach a record $230 billion in 2017-18 and earn a trillion dollars for Australia in the next five years, according to Minister for Resources and Northern Australia, Matt Canavan.
Mr Canavan said figures in the Resources and Energy Quarterly, released this week by the Department of Industry, Innovation and Science, demonstrated that the resources sector was going from strength to strength.
“Australia’s resources and energy export volumes are projected to hold up near their current historical highs over the next five years and, in that period, earn more than a trillion dollars for Australia,” Mr Canavan said.
“We are seeing healthy growth in commodity prices, particularly iron ore and metallurgical coal, combined with growing export volumes, especially in LNG.”
The March quarterly provides in-depth analysis of commodity markets and detailed forecasts for production, exports and prices.
Mr Canavan said strong commodity prices played an important role in driving Australia’s economy.
“Mining is crucial not only to Australia’s economy, but also to growth and prosperity across our whole region,” he said.
“We are already the largest exporter of coal, bauxite and iron ore, and we could be the biggest LNG exporter as well by 2019.
“These commodities play an important role in helping our region to develop its critical infrastructure and build its prosperity.”
The Resources and Energy Quarterly is available at www.industry.gov.au/oce