Australian Minister for Resources, Water and Northern Australia Keith Pitt has backed the country’s resource and energy export earnings to set a record of $299 billion in 2019-2020.
As a result, this would be a $18 billion increase from 2018-2019, demonstrating how resource and energy exports continue to support the Australian economy.
Pitt said the latest Resources and Energy Quarterly (REQ) had shown the strength and diversity of Australia’s resource and energy commodities in allowing export earnings to overcome challenging world conditions.
“With these types of numbers, we are seeing that exploration expenditure is solid and that there is room for further growth,” Pitt said.
“The best thing that we as a Government can do is to remove any red and green tape that will stifle investment and ensure that our policy settings and actions for managing challenges like COVID-19 are right.
“Our exports of coal, gas and uranium are crucial to global energy markets and our success in extracting and exporting lithium, copper, nickel and zinc also make Australia important in supporting new technology, including electric vehicles and batteries.”
Pitt is confident that the resources and energy sector is well positioned to lead the bounce back by following the government’s plan to protect Australian’s health, secure jobs and livelihoods and set up the country to bounce back strong when the coronavirus crisis is over.