12th Oct 2018
Australia is predicted to experience a new export boom thanks to the combination of a weaker Aussie dollar and the increasing global demand for coal, oil and LNG.
In the September edition of Resources and Energy Quarterly, the Department of Industry, Innovation and Science predicted Australia’s resources and energy export earnings in 2018–19 to reach “a new high of more than a quarter of a trillion dollars”.
In the publication, Chief Economist Mark Cully highlights the major resources that will contribute towards the prospective export boom for the country. The overall findings indicate “strong economic growth, industrial production and manufacturing output” for Australia, with resource and energy exports expected to hit a new record high of $252 billion in 2018–19, before falling back to $238 billion in 2019–20.
The strong demand for thermal coal was met with some concerns over supply, which has helped keep the prices relatively high over the past quarter, boosting the prospects for Australian export earnings.
Australia’s Liquefied natural gas (LNG) export earning reached a record high in 2017-18, and is predicted to keep on growing this year.
The publication also revealed the growing global market for lithium, with new mines opening in Western Australia and future prospects for the lithium industry across Australia.
The quarterly Resources and Energy publication reveals the extent of the predicted export boom for 2018-19. With this boom comes an increased demand for tools and equipment across mines throughout WA & Australia. At Gregsons, we sell a huge range of Civil and Mining equipment and hold regular industry related auctions. Check out our Current Events and Items for Sale to see what’s happening at Gregsons.