Aussie resources sector continues to drive the economy: Appea
Australia peak oil and gas body Appea on June 28 said the country’s resources sector continues to drive the economy.
“The latest Resources and Energy Quarterly shows that it is the resources sector, including the Australian oil and gas industry, continuing to drive the nation’s economy,” it said.
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According to the department of industry, science, energy and resources, the value of Australia’s resources and energy export earnings are forecast to set a record of A$310bn ($234bn) in 2020-21, up from A$299bn in 2019-20.
Appea CEO Andrew McConville said the data underscored the importance of the resources industry to the nation’s economy including taxation revenue, exports, jobs and the resilience of rural and regional communities.
“The figures illustrate the importance of our sector to the economy and I am sure this won’t be lost on the highest levels of government,” McConville said. “We will continue to have a good working relationship with resources minister Keith Pitt and I am sure the new cabinet also understands our industry is doing the heavy lifting at a time of great economic uncertainty arising from the pandemic.”
He added that Australia’s resources and energy exports are helping ensure that country has the financial capacity to respond effectively and strongly.
“Australia’s oil and gas industry is helping ensure we keep the lights on at home, and our hospitals and other public facilities operating, by continuing to deliver reliable energy to the domestic market,” he said.
McConville said LNG export earnings are expected to jump 52% to A$49bn in the year to June 2022. Total oil and gas export earnings in 2021-22 are forecast to increase to A$60bn.
“Our LNG exports are also helping lower the world’s emissions. The Australian government estimates Australia’s LNG has the potential to lower emissions in LNG importing countries by around 170mn metric tons CO2-e – each year by providing an alternative to higher emissions fuels – the equivalent of almost one-third of Australia’s total annual emissions,” McConville said.