Resources earnings hit new high

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Export earnings from resources soared 27 per cent to a record $175 billion last financial year, according to a new report from the Bureau of Resources and Energy Economics.

The strong results come despite many Queensland coal mines being crippled by summer flooding, with longer than expected recovery times

The figures show earnings from Australia’s biggest export, iron ore, rose 56 per cent to $54 billion, while despite the flooding coal exports rose almost 20 per cent to $43 billion.

Liquefied natural gas exports also jumped 34 per cent to $10.5 billion, and experts tip this figure to rise quickly in the coming years.

High mineral and energy prices were behind the strong results, with demand from China the driving force.

Resources minister Martin Ferguson said in a statement the figures highlighted the strong contribution the mining sector was making to the economy.

“Australia’s economy is incredibly strong and the contribution that investment in the resources and energy sectors makes to our national prosperity should not be underestimated,” he said.

“These figures are yet another signal to investors that Australia’s resources sector is performing consistently well and rewarding investors with solid financial returns.”

But the results weren’t all good news, with earnings from refined silver dropping 35 per cent to $164 million while uranium oxide returns fell 19 per cent to $610 million.

Petroleum refinery products and liquefied petroleum gas earnings also fell by 18 and four per cent respectively.

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