Resources, energy export earnings set for record $425bn

Article courtesy of the Hon Keith Pitt MP.

Australia’s resources and energy export earnings are forecast to surge to a record high $425 billion for 2021-22.

Minister for Resources and Water Keith Pitt said the latest forecast, from the Department of Industry, Science, Energy and Resources’ March 2022 edition of the Resources and Energy Quarterly (REQ), is up a stunning 12 per cent on the December 2021 REQ projection of $379 billion.

“The March 2022 REQ has found that soaring demand and high prices for Australia’s gas, coal and oil are a key contributor to our record export earnings. In short our resources sector is knocking it out of the park and underpinning our economic growth, our energy security and our national security,” Minister Pitt said.

“Critical global shortages in energy and resource commodities have led to record prices for many of our commodities.

“The REQ notes that with international coal prices at record levels – as the war in Ukraine and the ongoing La Niña weather conditions affect supply and demand – Australia’s combined coal export earnings are forecast to rise to about $110 billion in 2021–22.

“Coal becomes only the second Australian commodity after iron ore to break through the $100 billion annual export mark.

“The combined export earnings for lithium, nickel and copper will likely exceed $23 billion in 2021-22, which would be an increase of 38 per cent on the 2020-21 earnings.

“These forecasts again confirm just how important Australia’s resources and energy sector is to the nation’s economic and energy security.

“These record earnings will keep the benefits flowing to all Australians, including through company taxes, the taxes paid by the more than 270,000 people in high paying resources jobs, the more than one million in indirect jobs generated by the sector and the royalties the states and the Northern Territory use to pay for services such as the hospitals, roads and schools across regional Australia.

“Our resources and energy sector is too important to risk in the hands of a government that doesn’t fully support it.

“The Greens plan to form government with Labor and kill of hundreds of projects and thousands of jobs. Make no mistake, a Labor / Green Alliance would be a disaster for our country,” Minister Pitt said.

The REQ also says the further outlook, for 2022-23, could see resources and energy export earnings easing off record levels to $370 billion as bulk commodity prices return to more familiar levels. However global uncertainty and strong global demand sees plenty of upside in this forecast.

The latest Resources and Energy Quarterly report is available on the Department of Industry, Science, Energy and Resources website.

 

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