Soaring international coal and gas prices have inflated this year’s estimate for mining and energy exports by $30 billion, but the drop-off in 2022-23 will be stark.
Unprecedented coal and gas prices and a softer Australian dollar are set to inflate the already anticipated surge in resources and energy exports this year to a record $379 billion, but a distinct drop-off is forecast in 2022-23.or $30 billion more than was estimated just three months ago,It is clear evidence of how Australia is benefiting from a global energy shortage that has driven coal and gas prices to unheard-of levels and more than offset the impact of the sliding iron ore prices.
“In 2020-21 our resources and energy earnings passed $300 billion for the first time, reaching $310 billion, and are now forecast to top that by $69 billion in 2021-22,” he said. The $54.3 billion of projects already committed, the most for four years, suggest about 25,100 construction jobs will be created, then 8300 ongoing jobs, mostly in regional Western Australia and Queensland, the department said.
Earnings from Australia’s thermal and metallurgical coal exports, and from LNG shipments are expected to hit records this year, with coal the star performer, despite the actions by China to shut out Australian thermal coal.
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