The March 2020 publication of Resources and Energy Quarterly forecasts Australia’s resource and energy export earnings to increase by $18 billion from 2018-19 to hit $299 billion in 2019-20.
Minister for Resources, Water and Northern Australia, Keith Pitt, said the latest Resources and Energy Quarterly (REQ) shows how resource and energy exports continue to support the Australian economy.
“The strength and diversity of Australia’s resource and energy commodities have allowed export earnings to overcome challenging world economic conditions – to the benefit of the Australian economy,” Mr Pitt said.
The latest REQ covers a five-year outlook period, highlighting the long-term structural changes which affect global commodity markets, including urbanisation, industrialisation and technological change.
The March 2020 edition includes information on the impact of the COVID-19 outbreak on the commodity outlook. This impact is assumed to fall largely in the first half of 2020, with commodities affected in a range of different ways.
Australian Petroleum Production and Exploration Association (APPEA) Chief Executive, Andrew McConville, said the data reminded Australians of the critical contribution of its oil and gas industry.
“At a time of great economic uncertainty arising from the current pandemic, Australia’s resources and energy exports are helping ensure that Australia has the financial ability to respond effectively and strongly,” Mr McConville said.
“Australia’s oil and gas industry is helping ensure we keep the lights on at home, and our hospitals and other public facilities operating, by continuing to deliver energy to the domestic market.”
APPEA’s members are working through their contingency planning to ensure that they continue to produce and deliver gas to market – whether it be for export or for use in Australia.
“The oil and gas industry underpins around 80,000 direct and indirect jobs – and hundreds of thousands of Australian jobs rely on the reliable, affordable and sustainable supply of oil and gas,” Mr McConville said.
“The Australian oil and gas industry has always taken its obligations to the domestic market very seriously and will ensure it continues to supply Australian households and businesses.
“At the same time, our exports will be an important contributor to Australia’s economic growth, a contribution that will be vital as Australia looks over time to recover from that challenging circumstances, both in terms of COVID-19 and its effect on global energy markets, we now face.”
