Mining contributes record $455b in export revenue in FY23

In the 2022-2023 financial year, mining contributed a record $455b in export revenue, highlighting the importance of the industry to the nation’s economy, government revenue and regional jobs.

Released by the Australian Bureau of Statistics (ABS), this figure represents 66% of all export revenue for the nation and is 10.5% higher that 2021-2022, which was a previous record year.

This figure showed that thermal and metallurgical coal export revenue totalled $128b, iron ore $125b, gold $27.4b, aluminium $14.9b and copper $12.5b.

A strong growth was seen in technology metals such as nickel, 51%, zinc, 30%, copper, 17% and coal, 11%. A 5% increase was also seen in gold export.

Australia can’t afford to miss the opportunity to attract a share of the US$180b (A$273b) per year in global mining investment over the next two years needed to meet the world’s colossal energy transition.

The federal government’s proposed Same Job, Same Pay legislation would severely impact the global competitiveness of Australia’s mining industry to attract this investment.

This legislation ensures labour hire workers are paid the same as employees doing the same job in the business where they work.

Many claim the proposed legislation would put a pause on mining wages, investment and jobs growth in the industry. It would also be a major blow to Australia’s economy and future export revenue.

Over the past decade, the total contribution of minerals, metals and energy commodities to export revenue totalled $2.7t.