The latest Resources and Energy Quarterly report says metallurgical and thermal coal price spikes follow the Russian invasion of Ukraine, local weather events and global demand driven by China
Australian coal is set to become the second commodity ever to crack $100 billion in annual exports, according to the latest Resources and Energy Quarterly report from the federal government.
"It's very unusual to see such sharp rises, commodity prices have been more volatile in recent years driven my world demand and fluctuations in supply," Professor Rolfe said. Colin Boyce, LNP candidate for the seat of Flynn, holds a lump of coal from the Bravus Carmichael mine in central Queensland.The report shows Australia's metallurgical coal exports are forecast to rise from 171 million tonnes in the 2020-21 financial year, to 184 million tonnes by 2026–27.
"We've always said that as long as there's a market for it, we'll continue to grow and develop our coal and gas industries," Mr Canavan said.The LNP were quick to champion the forecast export milestones on Monday, and criticise the Labor government's supposed plans for the industry, if it were to be elected in the upcoming federal election.
She emphasised that coal and gas would still be essential in "powering the nation", during the transition to renewables.
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