The forecast of a record $310 billion export earnings from minerals and energy resources in 2020-21 underscores the importance of mining’s contribution to communities, the economy and governments.
Iron ore, gold and copper export revenue is forecast to be a record $149 billion, $28 billion and $12 billion respectively, according to the Department of Industry, Science, Energy and Resources.
Metallurgical coal export revenue is forecast to be $22 billion, thermal coal $17 billion, aluminium (including bauxite, alumina and refined metal) $12 billion.
The figures released demonstrate the ongoing strong demand for Australia’s quality resources providing the wide range minerals and energy fuels to drive industry, increase prosperity at home and in our region and provide the materials for the technologically advanced, net zero emissions future.
The release comes on the same day as the 2021 Intergenerational Report confirms that Australia must improve its productivity performance through ongoing reforms to skills, innovation, and internationally competitive and transparent policy frameworks to build an economically sustainable future.
Mining has been leading the debate on the need for greater productivity, as highlighted in the work released earlier this month from the Centre For International Economics showing a considerable boost of $11,673 to all every household and real wages $130 a week higher by 2030 from mining if labour productivity can increase 1 per cent a year over the next decade.
With much to do in policy reform to encourage jobs and investment, the MCA notes the Cabinet reshuffle yesterday with the appointment of Senator the Hon Bridget McKenzie as Minister for Regionalisation, Regional Communications and Regional Education, Senator Susan McDonald as Envoy for Northern Australia, alongside new Minister for Northern Australia, the Hon David Littleproud MP.
The changes also provide the strongest female representation in an Australian Government Cabinet on record.
The MCA has a long record of working closely with all ministers in the Cabinet as a major contributor to national income, investment, high-skilled jobs, technology, Indigenous development, exports and government revenues in Australia.
Minister the Hon Keith Pitt MP has performed well as the Minister for Resources and the MCA looks forward to continuing to work closely with him on matters relating specifically to the minerals industry.
The industry will work with all government ministers, recognising the substantial contribution mining makes across many areas of the economy and society including as the largest sector contributor to the nation’s GDP, and looks forward to the return of resources to Cabinet.