Resource and energy exports have set a record in income earned for Australia, according to recent figures from the June 2019 Resources and Energy Quarterly.
The June 2019 Resources and Energy Quarterly is compiled by the Office of the Chief Economist in the Department of Industry, Innovation and Science.
Minister for Resources and Northern Australia, Matt Canavan, said, “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.
“Exports of coal remained strong but iron ore was surging and gas has fired up too.
“It is estimated that in the 2018-19 financial year, exports of iron ore totalled $75.2 billion, coal $67.6 billion and LNG $49.7 billion.
“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.
APPEA Chief Executive, Andrew McConville, said the data showed the significance of LNG exports to sustaining Australia’s economic growth, maintaining living standards and supporting employment.
“Australia’s LNG projects will deliver decades of economic growth, jobs and exports.
“The investment in LNG projects has significant flow-on benefits on the east coast and the west coast of Australia.
“The oil and gas industry underpins around 80,000 direct and indirect jobs – and hundreds of thousands of Australian jobs rely on the reliable, affordable and sustainable supply of oil and gas.
“LNG exports also have regional and global environmental benefits. LNG is helping to cut carbon emissions in electricity generation, especially in large cities across Asia. LNG helps developing countries reduce air pollution, a major cause of millions of premature deaths.”
“Australian LNG is doing its bit in addressing the global challenge of reducing emissions while also growing the Australian economy,” Mr McConville said.
The June 2019 edition of Resources and Energy Quarterly can be found here.