Wednesday, 5 October 2022

Shadow Minister for Resources, Senator Susan McDonald, today welcomed the release of the September Resources and Energy Quarterly report. The REQ, released by the Office of the Chief Economist, highlights Australia’s strong reputation as a resource’s exporter in the global market.

The REQ has forecast that Australian resources export earnings will peak at $450 billion in 2022-23, an increase on the record-breaking $422 billion of 2021-22. This peak is continuing to support the Australian economy, off the back of the Coalition’s strong investment in the resources sector during its time in Government. 

Ongoing global uncertainty is driving nations towards reliable, affordable energy sources like coal and gas, and this is represented in the record export earnings forecasts of over $90 billion for Australian LNG in 2022-23, triple the 2020-21 earnings of $30 billion. 

The metallurgical and thermal coal markets remain strong, with combined exports of over $122 billion in 2022-23, over a quarter of Australia’s total resources export earnings. 

“The continued strength of the coal and gas markets is proof that Australia must continue to develop these crucial resources – many of which are currently keeping electricity flowing in Europe – and ensuring strong investment signals are still being sent to international investors,” said Senator McDonald. 

“The report also highlights that there will be an increasing demand for crucial minerals and resources over the next few years, with minerals such as lithium, zinc, copper expected to reach export earnings of $33 billion in 2022-23, more than double of what they earned in 2021-22. 

“The Coalition’s investment in the resources sector, through programs such as the $2 billion Critical Minerals Facility, the Critical Minerals Accelerator Initiative, and the $305m Strategic Basin Plan, with support for projects in the Beetaloo Basin, the North Bowen and Galilee Basins, and Cooper-Adavale Basins. 

“It is crucial that investment in our resources sector continues, and the Government continues to send strong signals to investors that Australia remains a lucrative investment opportunity. 

“Areas like the North West Minerals Province hold extensive deposits of critical minerals, and Queensland, the Northern Territory, NSW and Victoria have untapped potential as gas basins.

“Promoting investment and development in these areas will continue Australia’s standing as a resources powerhouse.”