Australia Lifts Commodity Export Outlook on Iron Ore, Gold Price
A haul truck loaded with ore at an open pit gold mine in Kalgoorlie-Boulder, Western Australia, Australia.
Photographer: Carla Gottgens/BloombergAustralia has boosted its forecast for commodity export earnings as gold prices continue their breakneck rally and iron ore holds up despite falling Chinese steel production.
The value of all raw material shipments will be A$383 billion ($253 billion) in the year through June 2026, almost 4% higher than an estimate three months ago, the government said in its Resources and Energy Quarterly. The forecast for the following 12 months was raised by A$20 billion to A$374 billion.