The outlook for Australia's resources and energy exports in 2022-23 has been revised higher by AUD31 billion to AUD450 billion, according to the Department of Industry, Science and Resources in their latest quarterly assessment compared to their June assessment.
The surge in energy prices, notably liquefied natural gas (LNG), and a weaker Australian dollar drove the revisions, with the Department's Resources and Energy Quarterly revising 2023-24 exports higher by AUD38 billion compared to its June report.
LNG earnings in 2022-23 and 2023-24 have been revised up by AUD6 billion and AUD13 billion, respectively. Thermal coal earnings in 2022–23 and 2023–24 have been revised up by AUD18 billion and AUD7 billion, respectively. Iron ore earnings in 2023-24 have been revised up by AUD10 billion.