Expected export earnings show return of confidence to resources sector
29 March 2019
Today’s Federal Government announcement of an expected record high earnings from exports comes as no surprise to the Association of Mining and Exploration Companies (AMEC). The Federal Government have estimated Australia’s resource and energy export earnings are expected to reach a record high of $278 billion in 2018–19 - an increase of more than $50 billion in value on 2017–18 figures.
“The resources sector already earns Australia a significant income through exports, and this estimated increase of more than 50 billion is huge,” says AMEC’s Chief Executive Officer Warren Pearce.
“This isn’t particularly surprising considering 2018 saw a record number of people in WA employed by the sector, and many new projects taking off especially in the batter minerals space, add in an increase in global demand, and we should see this figure increase steadily over the next few years.”
“Western Australia, the Northern Territory, New South Wales and Victoria all rose in mineral investment attractiveness according to the Fraser Institute’s Annual Survey of Mining Companies.”
“We also saw growth in mineral exploration expenditure and metres drilled for the 2018 calendar year reflect the returning strength of the exploration sector, this means jobs, and money in to the economy.”
AMEC still says there still needs to be considerable support for the sector to continue this momentum and growth.
“Skilled workers are critical in positioning Australia as leaders in technology and industry, but we need to continue to increase exploration.”
“There is also a need for regulatory reform, and the funding of exploration incentive schemes and co-funded drilling programmes to encourage greater mineral exploration and mining in Australia, which will continue to generate significant economic returns.”
“Each new discovery that leads to a mine creates jobs, royalties and a wide range of economic and community benefits,” says Mr Pearce.