Australia's mining sector continues to power the nation's economy, achieving $455 billion in export revenue during the 2022-2023 fiscal year, according to recent data released by the Australian Bureau of Statistics (ABS).
This increase of 10.5% from the previous year reinforces the industry's crucial role in bolstering Australia's economic growth, regional job markets and government revenue.
According to the ABS statistics, Australia's export revenue from thermal and metallurgical coal totalled A$128 billion, while iron ore exports yielded A$125 billion, gold contributed A$27.4 billion, aluminium added A$14.9 billion and copper generated A$12.5 billion.
The data also showed export growth in technology metals such as nickel (51%), zinc (30%) and copper (17%), while coal exports also continued to grow (11%) and gold performed well (5%).
However, ABS says that this vital contribution of the industry should not be taken lightly, given the global investment needed in the mining sector to meet the world's colossal energy transition.
Potential challenges in the future
In a media release, Minerals Council of Australia CEO Tania Constable said: "The country can’t afford to miss the opportunity to attract a share of the US$180 billion per year in global mining investment over the next two decades needed to meet the world’s colossal energy transition.
“The Federal Government’s 'Same Job, Same Pay' proposed legislation would severely impact the Australian mining industry’s global competitiveness to attract this investment.
“This would be a major blow to our nation’s economy and future export revenue.
“Instead of making the industry more competitive and attractive for investment, the Federal Government’s proposed legislation would be a handbrake on mining wages, investment and jobs growth.”
Over the past decade, the export revenue from minerals, metals and energy commodities has amounted to an impressive $2.7 trillion, underscoring the long-term importance of the mining industry to Australia's economy.
“Based on the information we have available, we believe ‘same job, same pay’ could increase the operating costs of our existing operations by nearly $200m per year and maybe up to $500m in a worst-case scenario,” Ms Slattery said on Thursday.https://t.co/KdNTxvaSGS— MineralsCouncilAust (@MineralsCouncil) July 28, 2023