Expansions on LNG, iron ore, and thermal coal developments are set to underpin record breaking resources earnings in 2016-17, according to Government data.
Bureau of Resources and Energy chief economist Quentin Grafton says the record earnings will be driven by high production levels rather than rising prices.
"Despite projections of lower commodity prices relative to 2010–11 over the medium term, increased resources and energy export earnings are projected to be underpinned by substantially greater export volumes for most commodities," he said.
Quentin also said a massive $175 billion of investment in gas developments in WA, Queensland, and the Northern Territory would also drive growth.
BREE said between 2011-12 and 2016-17 the export data for a number of key commodities was set to grow dramatically:
- Iron ore 62 per cent
- Metallurgical coal 47 per cent
- Thermal coal 65 per cent
- Copper ores and concentrates 77 per cent
- Alumina 29 per cent
Rio Tinto recently said it still saw strong potential in the mining sector for the future and committed to further growth projects in the sector.