Tag: Federal Resources Minister Keith Pitt

Final trade data for the 2019-2020 financial year has reconfirmed that Australia’s resources sector is bolstering the economy. The Australian Bureau of Statistics (ABS) shows commodity exports reached $287b in 2019-2020, of which iron ore was worth $102b. Resource and energy commodity exports have grown 3.5% since 2018-2019. Gold is also forecast to become the third largest commodity export after iron ore and liquefied natural gas (LNG) in 2020-2021. Gold exports was $24b in 2019-2020 and forecast to reach $32b in 2020-2021. Federal Resources, Water and Northern Australian Minister Keith Pitt said the resources sector will support jobs and growth as the country emerges from the COVID-19 pandemic. “Australia’s success in becoming a top supplier of iron ore and gold...

IRON ore will prop up Australia’s resource and energy export earnings despite the impact of the coronavirus outbreak, according to a new estimate put forth by the Australian Department of Industry, Innovation and Science. The department’s latest Resources and Energy Quarterly (REQ) forecasts commodity export earnings to hit a record $299b in 2019-2020, an increase of $18b from 2018-2019. The REQ covers a five-year outlook, highlighting long-term structural changes affecting global commodity markets including urbanisation, industrialisation and technological change. This edition includes information on the impact of the coronavirus outbreak on the commodity outlook. While oil prices have been falling due to diminishing global demands for air travel, gold prices have been increasing as investors look towards safe options, benefiting...