Australia's resources and energy exports are predicted to hit record highs in 2022/23 economist_chief mining minerals ironore gold copper nickel lithium LNG coal export
PERTH – Australia’s resources and energy exports are forecast to reach a record A$450-billion in 2022/23, with the export of battery metals, including copper, nickel and lithium, expected to more than double on the 2020/21 earnings.
Australia’s LNG export volumes are forecast to ease and stabilise at around 81-million tonnes through to 2024, after reaching 83-million tonnes in 2021/22. Meanwhile, higher production in New South Wales and Queensland is expected to push up Australia’s metallurgical coal exports, from 171-million tonnes in 2020/21 to 180-million tonnes by 2023/24.
“The Treasurer has noted that the current high prices have helped contribute to a A$27-billion boost to the budget bottom line for 2021/22, with the sector continuing to support our economy and more than 270 000 jobs.” “The Australian government is strongly backing our critical minerals sector, which provides the crucial minerals needed to help Australia and the world meet our net-zero commitments,” King said.
Australia’s lithium production is forecast to grow from 247 000 t of lithium carbonate equivalent in 2020/21 to 387 000 t in 2022/23 and 469 000 t of LCE in 2023/24, while Australia’s export volumes are estimated to rise from 157 000 t in 2021/22 to 202 000 t in 2023/24, supported by the need for Australian nickel for the transition to low-emissions technologies.
Iron-ore export earnings are forecast to ease from A$119-billion in 2022–23 to A$95-billion in 2023–24, reflecting moderating prices, more modest growth in global steel output, and rising iron-ore supply.
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