Fossil Fuels to Drive Record Australian Resources Revenue
- Forecast earnings from coal, LNG shipments revised up
- Revenue from top commodity export iron ore set to moderate
A freight train transports coal in Gunnedah, Australia.
Photographer: David Gray/BloombergThis article is for subscribers only.
Australia has revised up its forecast for resources and energy export revenue on the back of strong coal and liquefied natural gas prices, even as the world tries to wean itself off heavy-polluting fossil fuels.
Exports are expected to hit a record A$379 billion ($271 billion) in the year to June 30, 2022, revised up by 9% from the September estimate, the government’s Department of Industry, Science, Energy and Resources said in a quarterly update.