The Department of Industry, Science and Resources has rolled out its September Resources and Energy Quarterly, forecasting an easing of exports from the 2022–23 record high.
The September publication has forecasted resources and energy export values to hit $400 billion in 2023–24 and $352 billion in 2024–25 as global demand weakens.
These numbers are down from the record $467 billion in 2022–23.
Federal Minister for Resources Madeleine King said these earnings were a reflection of the world returning to more normal prices after supply was constrained due to the Russian/Ukrainian war and COVID-19.
“While overall export revenue is easing from record highs, Australia’s resources and energy exports remain strong and continue to underpin Australia’s economic wellbeing,” King said.
“Australia remains a reliable and stable supplier of resources and energy to our export customers, and we are working to build investment, partnerships and supply chains for our critical minerals sector which will help the world meet commitments to lower emissions.”
For the first time, the September Resources and Energy Quarterly features a chapter on the global battery value chain, showing Australia as a leading lithium, cobalt, copper and nickel exporter.
Iron ore exports are expected to decline to $120 billion and $99 billion in 2023–24 and 2024–25, respectively. Coal earnings are also expected to decline to $47 billion in 2023–24.
Thermal coal earnings are forecast at $36 billion in 2023–24, down from $66 billion in 2022–23.