By Rhiannon Hoyle
Australia's resources export earnings are expected to total a record 450 billion Australian dollars ($293 billion) this fiscal year, reflecting high energy prices and a weak Australian dollar, its government said Tuesday in a quarterly report.
The forecast is above the all-time high of A$422 billion reached last fiscal year through June 2022, as Australia benefited from elevated prices for top export iron ore.
"Driving the current surge in resource and energy export earnings is a spike in energy prices and Australian dollar weakness against the U.S. dollar," said the report published by Australia's department of industry, science and resources. Earnings from metals viewed as critical to the global energy transition, such as copper, nickel and lithium, are expected to be double what they were two years prior.
Resources export earnings are projected to pull back to A$375 billion next fiscal year although, if achieved, that figure would still be the third-highest result on record.
Strong export revenue from the resources sector is providing a welcome boost to government revenue ahead of Australia's Oct. 25 budget, Resources Minister Madeleine King said in a statement.
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(END) Dow Jones Newswires
October 03, 2022 20:10 ET (00:10 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.