Just-released figures show income earned for Australia from exports of resources and energy is hitting record highs.
“Resource and energy export earnings are estimated to have reached a record $275 billion in the 2018–19 financial year and are expected to hit $285 billion in 2019–20,” Minister for Resources and Northern Australia Matt Canavan said.
Minister Canavan said exports of coal remained strong but iron ore was surging and gas had fired up too.
“It is estimated that in the 2018-19 financial year, exports of iron ore have totalled $75.2 billion, coal $67.6 billion and LNG $49.7 billion.”
These figures are contained in the June 2019 Resources and Energy Quarterly, compiled by the Office of the Chief Economist in the Department of Industry, Innovation and Science.
“Australia produces more than half of the world’s iron ore and every year exports enough to build 10,000 Sydney Harbour Bridges.
“Steel produced from Australian ore is building the new wave of global infrastructure, with around half being used for construction, and much of the rest for machinery and motor vehicles.
“Overall, our resources and energy exports are providing the energy and infrastructure that helps to bring prosperity to hundreds of millions of people in emerging economies around the world”.
The latest release includes special topics on Australia’s gold industry, and on nuclear power and uranium markets.
Source: Australian Government