The September 2024 ‘Resources and Energy Quarterly’ (REQ) is forecasting earnings from resources and energy to continue to normalise from the highs of 2022–23.
Federal Minister for Resources Madeleine King said the September REQ underscores the importance of the resources sector to the country’s economic wellbeing.
“Despite reductions in some bulk commodity prices, there have been record gold prices and ongoing gains in iron ore export volumes,” King said.
“The resources and energy sector continues to underpin Australia’s economy and support more than a quarter of a million direct jobs.”
While lower world prices for iron ore exports are feeding into forecasts, Australian iron ore continues to support economies in Australia and internationally.
“Lower prices for critical minerals underline the need for government support for our critical minerals sector through policies such as the Production Tax Incentive,” King said.
“Measures such as the Critical Minerals Production Tax Incentive and the newly established Minerals Security Partnership Finance Network signed with partners such as the United States, India, the Republic of Korea, Japan and the United Kingdom will help create jobs and prosperity for future generations.”
The September REQ is forecasting export earnings to lower to $372 billion in 2024–25, down from $415 billion in 2023–24.
Earnings may continue to fall in 2025–26 before levelling out and starting to rebound from 2026–27.
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