Record in exports forecast

AUSTRALIA’S resources and energy exports are tipped to defy the global spread of the Covid-19 Delta variant and falling iron ore price to earn a record $349bn in the 2022 financial year, up 14 per cent on the year prior, according to the government’s latest quarterly Resources and Energy Report.

But the report warns that the boom times will not last, with export earnings set to fall just below $300bn the next year as mining operations disrupted by Covid-19 come back online, increasing supply, while government stimulusled demand for commodities moderates.

The projected earnings growth comes as key Australian export commodities such as coal have hit record highs.

Federal Minister for Resources, Water and Northern Australia Keith Pitt (pictured) said the results showed the resilience of the resources sector, which also achieved record export earnings of $310bn in the 2021 financial year.

“The sector has gone from strength to strength and is performing better than it was prepandemic, further building on Australia’s reputation as a reliable and stable supplier of resources and energy,” he said.

“The forecast export earnings for 2021-22 are close to $100bn higher than they were a year ago during the peak of the global pandemic and is testament to the outstanding work of all involved in this critically important sector.”