A record $251 billion from commodity exports will be brought in to Australia next financial year, and the forecast for future similar figures looks good, with the mining boom set to continue for about a decade.
Paul Ruthven, from IBISWorld said that while it will not grow “like a bat out of hell”, the mining boom will continue to grow steadily until at least 2020.
And it’s not just mining doing well, with farmers also set to experience a rise in income.
Surging prices for wheat, cotton and sugar would help lift farm export earnings 9 per cent to $31.2 billion in 2010-11, reaching $32.5 billion in 2011-12, the Australian Bureau of Agricultural and Resource Economics and Sciences said.
Comparatively, figures released yesterday showed mining was a big contributor in taking Western Australia from deficit to $1.1 billion operating surplus last financial year.
And at the Mining Matters Forum held by the NSW Minerals Council in Sydney it was announced that mining in the state created a royalty revenue of just under $1 billion.
Country-wide, mining and energy exports will jump 16 per cent to $215 billion in 2011-12, after reaching $186 billion in 2010-11.
Commodity export is tipped to reach $221 billion at the end of this financial year, and hit $251 billion by 2011-12.
Executive director of ABARES, Philip Glyde told Business Day he expects the record export figures to remain that high until 2015-16.
”More records will continue to be broken in the minerals and energy export sector,” Mr Glyde said in Canberra.
‘Continued strong demand for mineral resources, particularly from Asia, is expected to keep the Australian dollar relatively high,” he said.
The Reserve Bank said yesterday Australia’s terms of trade were at their highest level since the 1950’s and national income is growing strongly.