Australia's export revenue is projected to reach a new record high this financial year, according to the Australian government's five-year outlook update.
Driven by an increased demand for minerals like lithium, nickel, copper and rare earths, the export revenue for resources and energy is expected to reach A$464 billion.
The government forecast that the export revenue of thermal coal will decrease to A$19 billion in real terms by 2027-28, while steel-making coal will halve to A$30 billion. On the other hand, lithium exports are expected to grow to A$19 billion this financial year from A$5 billion a year earlier. Copper, alumina, lithium, and nickel exports are projected to reach A$49 billion by 2027-28.
The department also revised its iron ore revenue forecast to A$97 billion in the current financial year due to China's recovery from COVID-related lockdowns. This is A$8 billion higher than the previous forecast and is slightly lower than the A$119 billion seen last financial year.
The export revenue from critical minerals is expected to almost equal the revenue from coal by 2028, as the global energy transition gathers pace. This is expected to further contribute to Australia's resource and energy export revenue, which is forecast just shy of A$289 billion in real terms by 2027-28.
(Writing by Alex Guo Editing by Harry Huo)
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