Australian Resources and Energy Group, AREEA
Record earnings for Australia’s resources and energy exports, forecast today by the nation’s chief economist, highlights the opportunity for the Morrison Government to implement policies of its National Resources Statement and help stimulate further industry growth.
Released in February, the National Resources Statement was built from recommendations of the government’s Resources 2030 Taskforce, and contains a number of policy initiatives to continue developing Australia’s world-leading industry and support its ongoing global competitiveness.
“Employers are buoyed by the Office of the Chief Economist’s estimate that Australia’s resources and energy export earnings reached $275 billion in 2018–19,” AREEA Head of Policy and Public Affairs Tom Reid said.
“This record surge of more than 20 per cent shows Australia is now reaping the benefits of the huge levels of investment in major resources and energy projects over the past 15 years.
“It’s also another reminder of how significantly the resources and energy industry contributes to Australia’s economic well-being and living standards.
“To underpin further industry growth and even greater national contribution, it is critical that industry and government work together on implementing the National Resources Statement during this term of Parliament.”
According to the latest Resources and Energy Quarterly report, export earnings surpassed the previous record of $227 billion in 2017-18, with a further spike likely to lift export earnings to $285 billion in 2019–20.
However the report also warned of potential global economic headwinds, including weaker commodity prices, trade tensions and slowing production.
“Australia has little time to waste basking in the success of our resources earnings – we must focus on keeping up the momentum started by the Resources 2030 Taskforce,” Mr Reid said.
“In particular, resources and energy employers are facing a number of future skills and labour mobility challenges that can be at least partially addressed by government and industry collaboration.
“Further critical strategies include supporting industry through its technology and ‘big data’ transformation, unlocking new resources-rich regions through investing in productive infrastructure, and helping industry strengthen its ties and contribution to regional Australia.”
AREEA is available to expand on any of these policy positions.
MEDIA CONTACT: Brad Thompson, 0409 781 580
