Monday, 1 July 2024

The June 2024 Resources and Energy Quarterly (REQ) release highlights the strong outlook of Australia’s resources sector, however details the need for continued support and investment in our resources sector.

Despite record earnings of $466 billion in 2022-23, the report highlights that easing global commodity prices is expected to cause this to drop to $417 billion in 2023-24, as Australian exports remain strong.

Shadow Minister for Resources Senator Susan McDonald said that “this report highlights the cyclical nature of our resources industry, and the need for continued investment across our resources and energy commodities.

“The report shows continued growth for both coking and thermal coal in the next few years, with Australian exports rising from 2023-24 to 2025-26, and notably, exploration expenditure for coking coal has had a 27 per cent increase year-on-year.

“LNG demand is set to remain steady as international prices ease, with global demand continuing to remain strong in the coming years.

“Despite most critical minerals exports increasing over the next few years, it is clear that our nickel sector is still struggling under this Government.

“Nickel exports are set to plummet by over 60 per cent from 2023-24 to 2025-26, and it is clear that the Government’s delayed response to the crisis is having a long-term impact.

“Uranium exports are set to deliver $1.3 billion in earnings in 2023-24, rising to $1.7 billion in 2025-26, yet there is an unrealised opportunity to capitalise on booming uranium prices thanks to ideological Labor-led prohibitions on uranium mining and exploration.

“Despite growing demand for uranium, particularly as countries look to diversify their supply chain options, there is a risk that Australia misses out on this opportunity.”