ERTH (miningweekly.com) – Australia’s resources and energy exports are forecast to hit a record high of A$252-billion in 2018/19, helped along by a decline in the Australian dollar over the past quarter.
In its newest Resources and Energy Quarterly, the Office of the Chief Economist notes that the new outlook has been revised by about A$13.7-billion from the June quarter report, reflecting the weaker Australian/US dollar exchange rate, which is expected to add A$10.6-billion in export values, while higher-than-expected thermal coal and liquefied natural gas (LNG) prices account for the rest of the forecast gain.
Federal Resources Minister Matt Canavan on Tuesday said that Australia was now the world’s number-one exporter of lithium, while coal was expected to be the nation’s number-one export earner in 2018/19 at more than A$61-billion, narrowly ahead of iron-ore at A$60-billion.
LNG exports were set to lift sharply to A$48-billion, as record investments by LNG companies in Australia continue to pay off. “These are huge sums, and reflect the success and hard work of Australian exporters in supplying the growing Asian market,” Canavan said.
“These exports are benefitting Australians everywhere by providing jobs, wages and spending on goods and services, not just in the regions where mining is carried out but also in cities like Brisbane and Perth and other capitals, where so many mining companies have offices.