New data from the Office of the Chief Economist has shown that Australia’s resource and energy export earnings are forecast to set a record of A$299-billion in 2019/20, an increase of A$18-billion from 2018/19, while the effects of the Covid-19 virus would likely be felt by the resources sector in the latter part of 2020.
“The strength and diversity of Australia’s resource and energy commodities have allowed export earnings to overcome challenging world economic conditions — to the benefit of the Australian economy,” said Resources, Water and Northern Australia Minister Keith Pitt.
“Iron-ore is expected to be the first commodity to exceed A$100-billion in export earnings in a single year. This is a result of high prices, as well as decades of investment, innovation and automation, which have placed Australia at the forefront of the global iron-ore market.
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