New figures from the Australian Bureau of Statistics (ABS) indicate that the mining industry contributed $455 billion in export revenue in the 2022-23 financial year, breaking the previous year’s record and highlighting the significant role the sector plays in Australia’s economy.
The figure represents 66 per cent of all export revenue for the nation and is a 10.5 per cent increase on 2021-22, which was the previous record year.
The ABS figures also showed that coal (thermal and metallurgical) export revenue totalled $128 billion, iron ore $125 billion, gold $27.4 billion, aluminium $14.9 billion and copper $12.5 billion.
The strongest growth in exports was made in technology metals such as nickel (51 per cent), zinc (30 per cent), and copper (17 per cent), with continued growth in coal exports (eleven per cent) and a strong result for gold (five per cent).
Over the decade, the total contribution of minerals, metals and energy commodities to export revenue totalled $2.7 trillion.
CEO of the Minerals Council of Australia, Tania Constable, said that the industry’s significant contribution to the nation’s export earnings should not be taken for granted.
“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.”
Ms Constable said that the Federal Government’s Same Job, Same Pay proposed legislation would severely impact the mining industry’s global competitiveness to attract this investment, which would be a major blow to the nation’s economy and future export revenue.
Ms Constable said that instead of making the industry more competitive and attractive for investment, the Federal Government’s proposed legislation could be a handbrake on mining wages, investment and jobs growth.
“Australia risks dealing itself out of trillion-dollar critical minerals markets unless it gets serious about addressing rising costs, declining productivity and increased policy risks.”
