Daily Bulletin

Politics

  • Written by Senator Canavan


Resources and energy exports setting NEW records

 

Australia’s resource and energy export figures are on track to set a new record of $226 billion in 2017–18 – and go even higher this year – according to an in-depth Government report released today.

 

Minister for Resources and Northern Australia Matt Canavan said strong demand and prices for iron ore, coal and liquid natural gas (LNG) in particular were pushing total exports from the sector to the new records.

 

“The prediction is that the 2018-19 figure will be $12 billion higher at $238 billion, with continuing strong demand for high-quality Australian coal seeing coal regain its traditional position as our single most valuable resource export,” Minister Canavan said.

 

“That will see coal reclaim its place at the top of Australia’s export earners – a position it held for decades until it was supplanted by booming iron ore exports in 2010 – and is great news for the major coal-producing States of Queensland and New South Wales.

 

“It is likely coal and iron ore will continue to fight it out for the title of Australia’s top export-earner in coming years, while LNG will also perform strongly.

 

“These are very exciting figures,” Minister Canavan said. “They’re great news for the Australian economy.

 

“These figures demonstrate once again the vital importance of the resources sector to Australia, providing a massive contribution in terms of spending, royalties and jobs throughout the nation.”

 

Minister Canavan was commenting after the release today of the June 2018 Resources and Energy Quarterly - compiled by the Department of Industry, Innovation and Science – which provides in-depth analysis of commodity markets and detailed forecasts for production, exports and prices.

 

As well as reporting on the 2017-18 financial year, the report also looks ahead to likely results in the current 2018-19 year, when it predicts coal will overtake iron ore as Australia’s most valuable export at $58.1 billion, around $400 million above forecast iron ore exports at $57.7 billion.

 

Minister Canavan said the figures for coal demonstrated the continuing strong world demand and its ongoing importance to the Australian economy.

“I emphasise the strong performance of coal only because anti-mining activists constantly try to talk down its importance. Coal remains a vital contributor to the Australian economy and the economic well-being of families throughout Australia.

 

“As one simple example, coal royalties will contribute some $3.8 billion to the Queensland budget this year and, without coal royalties, the State Government would have to tax every Queensland household almost $2,000 extra to provide the same level of services.”

 

Minister Canavan said the report also predicted increased coal exploration in Australia.

 

“In May this year, the Queensland Government called for tenders to explore more than 540 square kilometres in the Bowen, Surat and Galilee Basins for coal, which is likely to support further growth in exploration activity.”

 

The June edition also provides a special analysis of Australia’s promising future as an LNG exporter.

 

“Australia is set to become a global powerhouse in LNG over the next few years as tens of billions of dollars in investment start to pay off,” Minister Canavan said.

 

“Three huge LNG projects are expected to be completed in 2018. The completion of Wheatstone, Ichthys and Prelude will create a huge benefit to the Australian economy as production kicks in and exports get underway.”

 

The June 2018 Resources and Energy Quarterly is available at www.industry.gov.au

Making suicide prevention a national priority

Providing greater support for all Australians needing mental health and suicide prevention services is a key priority of my Government.   Suicide takes far too many Australians, devastating famili...

Scott Morrison - avatar Scott Morrison

Scott Morrison interview with Leigh Sales

LEIGH SALES: Prime Minister, welcome back, and congratulations on your re-election.   PRIME MINISTER: Well, thank you very much, Leigh. It's very good to be back.   SALES: Why is Labor's offer t...

Leigh Sales - avatar Leigh Sales

Employsure welcomes workplace relations system review

Employsure’s founder and managing director, Ed Mallett has welcomed the Prime Minister’s announcement that the government will take a fresh look at Australia’s workplace relations system. “The federa...

Media Release - avatar Media Release

Senator Colbeck named Minister for Aged Care and Senior Australians and Minister for Youth and Sport

Liberal Senator for Tasmania Richard Colbeck has expressed his excitement in taking on responsibility for the portfolios of Minister for Aged Care and Senior Australians and Minister for Youth and S...

Daily Bulletin - avatar Daily Bulletin

Senator Canavan: Statement on Queensland Government's decision on Adani

I welcome the Queensland Government's announcement regarding timelines for Adani's approvals, but I don't thank them. The thanks go to the people of Central Queensland who have forced this outcome t...

Senator Canavan - avatar Senator Canavan

Australians reject Labor’s marine park lock outs

Australians have rejected Labor’s plans to return to their disastrous marine park lock outs policy. Assistant Minister for Agriculture and Water Resources Richard Colbeck said the strong result fo...

Senator Colbeck - avatar Senator Colbeck


The Conversation

Business News

How to get the most out of a Premium Graduate Placement

An internship placement from PGP Australia can be a really rewarding and beneficial experience for anyone looking to get their foot in the door in a certain industry like human resources, accounting...

News Company - avatar News Company

Why having a website is so important for SEO purposes, even if you don’t have a lot of traffic

What most people out there can agree on is the fact that they will feel like they have something burning inside of them that they want to share. It may be to write a book, to create a product, to cr...

News Company - avatar News Company

Career Opportunities and Relocating

Moving for work can be an incredibly exciting opportunity. Yes, the amount of work will likely be larger, but so will the pay as well as the recognition. Despite the common nervousness, it is import...

News Company - avatar News Company

Travel

8 Tips How to Make Your Travels Memorable

Traveling the world is on every little kid's bucket list, and it usually remains to be there among top three well into the age as well. However, what makes traveling so fun and exciting is the nov...

Diana Smith - avatar Diana Smith

5 Reasons Why You Should Partake In Community Sporting Activities

Partaking in sports isn’t for everyone. Maybe you played a bit of sport as a child at school, but as an adult, you’ve barely picked up a tennis racket or kicked a ball, and that’s OK! However, there...

News Company - avatar News Company

Just a Few Fun Facts about Australia

Everybody calls Australia the land down under but if you turn the map around so that Australia would be in the Northern Hemisphere, the country would sit on top of the world! Everyone knows that Aus...

News Company - avatar News Company

ShowPo