Corrected – Record high export earnings drive Queensland’s economic recovery

Minister for Resources The Honourable Scott Stewart

The latest Resources and Energy Quarterly report from Australia’s Chief Economist predicts Australia’s resource and energy export earnings will reach a record high $310 billion in 2020-21, rising to $334 billion in 2021-22.

Resources Minister Scott Stewart said surging demand for steel across the globe has turbocharged exports of Queensland metallurgical coal, with our resources sector benefitting from a rising price tag for the essential commodity.

“This report forecasts Australia’s revenue from metallurgical coal exports will skyrocket from $22 billion in 2020-21, to almost $32 billion by 2022-23,” Mr Stewart said.

“The metallurgical coal industry is a key part the Palaszczuk Government’s COVID-19 Economic Recovery Plan, and it’s great news for Queensland that metallurgical coal prices have more than recovered from the fall caused by the pandemic and international import restrictions.

“This industry is so vital to Queensland, supporting our economy by exporting steel that helps build the world.

“It’s encouraging for our economy that base metal prices across the board have recovered to reach pre-pandemic levels.”

The price of premium Australian thermal coal has also reached its highest level in almost three years.

The report shows good signs for Queensland’s role in building a low-emissions future, with the outlook for battery minerals like copper improving as demand for new energy technologies rises.

The price of copper reached a record high in May, with Australia’s copper export earnings expected to reach $13 billion in 2021-22, up from $10 billion in 2019-20.

“As that demand for battery minerals grows, prices for those minerals are rising – generating jobs and economic growth for Queensland,” Mr Stewart said.

“You can’t have a strong renewable energy future without a strong resources sector, that’s why the Palaszczuk Government will continue to fight for the industry.

“Queensland’s vanadium, cobalt and rare-earth mineral deposits place our state in a prime position to help drive the world’s energy transition.

“Many of these can be found in the North West Minerals Province, and that’s why our Government is investing in exploration of these new economy minerals.

“We have invested more than $6.8 million in exploration grants and programs since 2017.

“Investment in exploration today will mean new projects tomorrow, and jobs for Queenslanders for generations.”

“The Palaszczuk Government is ensuring Queensland remains a leader in resources exports by promoting exploration and investment in the sector,” Mr Stewart said.

Meanwhile liquefied natural gas exports are forecast to increase by 5.3 per cent to 83 million tonnes in the next financial year, with LNG export earnings predicted to climb from an estimated $32 billion in 2020-21 to $49 billion in 2021-22.

Last year alone the Palaszczuk Government released 8,205 square kilometres for gas exploration to maintain a pipeline of future resources projects.

You can read the full Resource and Energy Quarterly report here: https://www.industry.gov.au/data-and-publications/resources-and-energy-quarterly-all

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