Australian resources exports to reach record figures

Australian resources exports to reach record figures

A rise in iron ore prices will provide Australia’s mining and energy industry with an AUS$8 billion boost, according to a forecast for the 2016-17 financial year by the Department of Industry, Innovation and Science.

Total earnings from mining exports are predicted to reach AUS$205 billion in 2017, before tailing off in the following year. In the year to 30 June, the country’s earnings from mining, oil and gas will increase by 30%.

Iron ore prices have been tipped to reach up to US$58 a tonne by the department for the 2016-17 financial year, an unexpected rise from the US$45 a tonne that was previously forecasted.

Matt Canavan, Minister for Resources and Northern Australia said: “The energy and resources sector continues to drive our economy. While all Australians have the sector to thank for export earnings, regional communities across Australia also benefit through the jobs it creates and the local investment it supports.”