Energy and mineral export earnings will fall by more than 20 percent in the 2009/10 financial year, according to a forecast in the latest Australian Bureau of Agricultural and Resource Economics (ABARE) report.
ABARE predicted the decline on the back of lower contract prices for bulk commodities, including coal and iron ore. While this represents a revision of $1 billion down from the June prediction, “at a forecast $123 billion, minerals and energy export earnings in 2009/10 will be the second highest on record,” said Dr Terry Sheales, ABARE’s deputy executive director.
Energy exports will suffer a 36 percent decline to $50 billion over the same period, he added, although Australian mine production in 2009/10 is forecast to increase by 4.6 percent, due to higher production of iron ore, gold, copper, liquefied natural gas and uranium.
