Feb 17, 2018 Last Updated 2:08 PM, Feb 15, 2018

New Entry From the Editor :

Australian female labour force participation reaches record high

Australian female labour force…

AusBN - Australia’s female labour force participation rate reached a ...

South Australia to help fund green hydrogen-fuelled power plant

South Australia to help fund g…

AusBN - The government of South Australia will help fund one of the largest...

Queensland wind farm project to create 200 construction jobs

Queensland wind farm project t…

AusBN - A recently approved AUS$200 million wind farm project in North Quee...

Energy and resources sector primed for $215 billion export rise

LNG portAusBNAusBN - An unexpected rebound in iron ore and coal prices, coupled with a burgeoning LNG market, is set to boost Australia’s energy and resources exports to a record AUS$215 billion in the 2016/17 financial year.

This huge 32% rise on export revenues from the previous year has largely been driven by a sharp increase in gas exports as large-scale LNG projects, such as Chevron’s Gorgon facility, come onstream.

According to the latest quarterly report by the federal government's Department of Industry, Innovation and Science, prices of top export commodities iron ore and coal will start to unwind over the next year.

However, Australia’s rapidly expanding LNG market, buoyed by the first cargo exports from Chevron’s Wheatstone facility, will offset the dip in commodity prices over 2017/18.

Consequently, the federal report predicts that Australia’s export earnings are likely to plateau at $215 billion going into the next fiscal year.

LNG has also been forecasted to overtake metallurgical coal as Australia's second largest resource and energy export in 2017/18, according to the report.

@AusBNOnline

This Month's Issue

v3i2 cover web

Subscribe

rgn web banner

abn web banner