Australia’s resource and energy export earnings are expected to reach a record high of $278 billion in 2018–19 - an increase of more than $50 billion in value on 2017–18 figures.

Minister for Resources and Northern Australia Matt Canavan said the results reinforced the importance of Australia’s mineral and resource exports to the national economy.

“The living standards of Australians rely in large part on maintaining a strong resources sector,” Minister Canavan said.

“Even if you don't work in resources, the revenue that the industry brings in helps pay for schools, hospitals and other services. Surging tax revenues from the resource industry have helped bring our budget back into balance and export dollars from coal, iron and gas help increase our dollar's value, increasing the buying power of all Australian consumers.

“Our commodity exports are expected to earn more than $1.5 trillion for the nation over the next six years.

“The contribution of our great resources has never been greater and that's why we as a Government back mining and the jobs it provides.

“Australia’s LNG export earnings are expected to jump by $18 billion to $50 billion this financial year – the largest increase of any commodity over the year.

“We expect Australia will again overtake Qatar in 2019 to become the world’s largest exporter of LNG. The discovery of substantial shale gas resources in the Beetaloo Sub-basin in the Northern Territory represents a longer-term opportunity which will allow for even more growth in the future.

“But we’re not just relying on our God-given natural resources - we are backing up their potential by developing the right framework to turbocharge the sector via our National Resources Statement, instigating a dedicated COAG Resources Ministers’ meeting as part of the COAG Energy Council, implementing recommendations from the Resources 2030 Taskforce and convening our first resources skills roundtable in Brisbane today.

“Mining investment is also picking up, rising seven per cent from the September quarter. This is good news for Australia’s regions, where much of that mining investment occurs.”

The figures come from the March 2019 “Resources and Energy Quarterly”, which was released today by the Office of the Chief Economist in the Department of Industry, Innovation and Science. It contains five-year forecasts for the value, volume and price of Australia’s major resources and energy commodity exports.