HUNTER ENERGY EXPORTS DRIVE SURGE IN EARNINGS
Resources projects in the Hunter are continuing to drive jobs and economic growth according to the latest export forecasts.
Senator for NSW, Perin Davey said resource and energy export earnings are forecast to reach a staggering $379 billion in 2021–22 as demand for Australian coal and gas surges in the face of a global energy shortage.
The December edition of the Resources and Energy Quarterly (REQ) from the Department of Industry, Science, Energy and Resources found that high commodity prices, good volume growth and a weak Australian dollar are driving a surge in export earnings.
Minister for Resources and Water Keith Pitt said that the resources sector once again has been shown to be the bedrock of the Australian economy and would strongly support the nation’s future growth.
“The resources sector has risen above the challenges of the pandemic and will continue to deliver for our nation in the years ahead,” Minister Pitt said.
“In 2020–21 our resources and energy earnings passed $300 billion for the first time, reaching $310 billion, and are now forecast to top that by $69 billion in 2021–22.
“These are outstanding results that will provide further jobs and opportunities in our regions and benefit all Australians.
“Hundreds of new projects in the pipeline, including 48 in NSW, will deliver thousands of new jobs, especially in regional areas.
“The higher forecast earnings are expected to keep the benefits flowing to the broader community, including through royalties the states use to pay for the hospitals, roads and schools, the services we all rely on.
Senator Davey said the Hunter region, home to some of the best quality coal in the world, has played a key role in meeting international demand and the region stands to benefit from the jobs created by existing and new resources and energy projects.
“Projects in the pipeline for both traditional and new industries could create hundreds of jobs in construction and then continuing career paths,” she said.
“The Hunter is ready to be an economic powerhouse across generations with the whole gamut of old and new energy technologies from coal, gas or hydrogen, the future is exciting.”
The Resources and Energy Major Projects 2021 (REMP) report, released at the same time as the REQ, shows a positive outlook for the development pipeline of resource and energy projects.
Minister Pitt said that the 367 projects included in the report had an estimated value of $504 billion, with hydrogen, ammonia and carbon capture and storage projects accounting for $185 billion worth of investment and gold emerging as a new growth industry.
“This means jobs for Australians,” Minister Pitt said.
The latest Resources and Energy Quarterly and the Resources and Energy Major Projects 2021 report are available on the Department of Industry, Science, Energy and Resources website.