New figures released today by the independent Bureau of Resources and Energy Economics show export earnings from resources and energy exports have reached a new record of $175 billion in 2010-11, an increase of 9 per cent on the previous record of $160 billion set in 2008-09 and a 27 per cent increase on 2009-10.
Resources and Energy Minister, Martin Ferguson AM MP, said the full year data underscored the importance of the resources and energy sectors to Australia’s economy.
“Australia’s economy is incredibly strong and the contribution that investment in the resources and energy sectors makes to our national prosperity should not be underestimated,” Minister Ferguson said.
“Resources and energy exports account for 59 per cent of Australia’s total goods and services exports.
“The diversified nature of Australia’s resources and energy developments makes the industry as a whole incredibly resilient and today’s figures give us confidence that overall export revenues can be maintained even during trying times.
“It has been a challenging year for industry with significant adverse weather events affecting the production of a range of commodities from coal in Queensland to gas in the Cooper Basin and iron ore in the Pilbara.
“But despite these challenges export earnings from resources and energy commodities have reached a record high. Comparing production results from the March and June quarters paints an even clearer picture of the recovery that is underway.
“Increased commodity prices and higher export volumes for a number of key commodities are driving growth in export earnings.
“The value of liquefied natural gas (LNG) exports has exceeded $10 billion for the first time, with export volumes up 12 per cent and the value of exports up 34 per cent on 2009-10.
“Iron ore prices have jumped dramatically with the export value increasing by 56 per cent on the previous year to $54 billion despite export volumes only increasing by 5 per cent.
“These figures are yet another signal to investors that Australia’s resources sector is performing consistently well and rewarding investors with solid financial returns.”
The value of export earnings in 2010-11 rose for iron ore, LNG, copper, coal, iron and steel. Export earnings fell for silver, uranium, petroleum refinery products and liquefied petroleum gas. The complete Resources and Energy Statistics June Quarter 2011 report is available at www.bree.gov.au