The December 2017 Resources and Energy Quarterly (REQ) has found that Australia’s resources and energy export earnings increased by 1.2% to reach a record level of $52.5 billion in the September quarter of 2017.
Minister for Resources and Northern Australia Matt Canavan said the figures demonstrated the value of the resources sector to the Australian economy.
“In 2016-2017 mining accounted for 6.9 per cent of Australia’s GDP,” Minister Canavan said.
“The mining industry benefits regional communities through job creation and local investment, it is also a significant contributor to the wealth of the nation.”
He said the country’s continued investments in the sector since the turn of the century were beginning to pay dividends.
“Australia has built its capacity through 15 years of strong investment in resources and energy projects. As a result, resources and energy export earnings continue to set new records,” the Minister noted.
“Our resources sector continues to lay the foundation for the Australian economy. But we can’t take this for granted. It’s important that we plan for the future through new investments and new mines, across Australia’s range of commodities.”
The December 2017 REQ, which was released by the Department of Industry, Innovation and Science, revealed that global economic growth, industrial production and manufacturing output gathered pace in 2017, fostering a positive environment for commodity demand.
It forecasts Australia’s resources and energy export volumes to grow at a robust pace over the next two years, driven by LNG and iron ore.