Resource and energy exports are on track to reach a new record level of $230 billion in 2017-18 and earn a trillion dollars for Australia in the next five years.

Minister for Resources and Northern Australia Matt Canavan said the figures in the March 2018 Resources and Energy Quarterly (REQ), released today, demonstrate the resources sector is going from strength to strength.

“Australia’s resources and energy export volumes are projected to hold up near their current historical highs over the next five years and in that period earn more than a trillion dollars for Australia,” Minister Canavan said.

“We are seeing healthy growth in commodity prices, particularly iron ore and metallurgical coal, combined with growing export volumes, especially in LNG.

“Mining is crucial not only to Australia’s economy but also to growth and prosperity across our whole region. We are already the largest exporter of coal, bauxite and iron ore, and we could be the biggest LNG exporter as well by 2019.

“These commodities play an important role in helping our region to develop its critical infrastructure and build its prosperity.”

The March 2018 Resources and Energy Quarterly, released today by the Department of Industry, Innovation and Science, provides in-depth analysis of commodity markets and detailed forecasts for production, exports and prices.

The March edition provides extended five-year projections for key macro-economic measures, as well as commodity prices, supply, consumption, and Australian production and exports.

The Resources and Energy Quarterly is available at www.industry.gov.au/oce

Authorised by Senator M Canavan, Rockhampton