Australia’s gold sector is helping to cushion the impact of lower revenues from resources and energy exports, according to the federal government’s latest quarterly report.
The September 2025 Resources and Energy Quarterly (REQ), released by the Department of Industry, Science and Resources, forecasts total export earnings of $369 billion for 2025–26, down from an estimated $385 billion in 2024–25.
The report projects a further decline to $354 billion in 2026–27, as rising global trade barriers and slower economic growth weigh on prices.
Despite the forecast decline, export volumes are expected to continue growing, with higher gold earnings and strong demand for critical minerals helping to offset falling prices in some commodities.
According to the report, the price of gold reached a record high of more than US$3,600 an ounce in September. Prices are expected to remain elevated through the rest of 2025 before easing over the next two years.
High prices and growing export volumes are projected to lift gold export earnings to $60 billion in 2025–26 and $59 billion in 2026–27, up from $47 billion in 2024–25.
Minister for Resources and Northern Australia Madeleine King said the latest figures show the resilience of the resources and energy sector amid global uncertainty.
“The discovery of gold helped build this nation and gold mining is still creating wealth and jobs for our economy today,” Minister King said. “Australia’s resources and energy sector remains strong, with gold and critical minerals playing an increasingly important role in our export mix.”
The REQ notes that iron ore remains Australia’s largest resources export, with shipments to Asian markets expected to rise over the next two years.
However, the report states that prices are forecast to ease slightly. Meanwhile, exploration spending has softened from recent highs but remains at elevated levels as capital investment in the sector continues to lift.
The report also indicates that weaker-than-expected liquefied natural gas (LNG) prices will weigh on overall export earnings in 2025–26, though strong demand for copper and key critical minerals such as lithium is expected to support long-term growth.
The September 2025 edition of the Resources and Energy Quarterly is available on the Department of Industry, Science and Resources website.
