Resources, energy sectors 'continue to drive' economic growth
Australia's resources and energy commodity export earnings increased 12 per cent in 2013-14 to total $195 billion according recent data.
The Resources and Energy Quarterly–September Quarter 2014, released by the Bureau of Resources and Energy Economics (BREE), outlined how continued growth in volumes and a more favourable exchange rate offset lower commodity prices for most commodities.
In 2014-15, Australia's mineral and energy commodity export earnings are forecast to decrease 1.4 per cent and to total $192 billion. Export volumes are forecast to continue to grow but softer commodity prices as a result of ongoing oversupply in key markets will weigh on prices. Over the next five years exports are projected to rebound and to total $274 billion in 2018-19, supported by increased LNG and iron ore export volumes.
"The prospects for the resources and energy industry remain positive. Continued economic growth in highly populated emerging economies will sustain increased demand for both resources and energy commodities into the future." said Wayne Calder, Deputy Executive Director of BREE.
"Closer to home Australia is moving decisively from the investment phase of the mining boom to the production phase" Calder said. "We will continue to see expansions in capacity from the Australian resources and energy sectors with increasing supply of iron ore and coal as well as the commencement of major new LNG projects across Australia. First LNG shipments from the East coast are expected to start by the end of 2014, rapidly ramping up over the period to 2019 to make Australia the world's largest LNG producer.
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