Australia’s resource and energy earnings are forecast to rise to $422 billion for 2026–27 compared to $403 billion in the previous year.

The 2026–27 forecast in the September 2026 Resources and Energy Quarterly reflects an upward revision of $6 billion from the June 2026 REQ forecast.

Metallurgical coal is expected to contribute about $44 billion to the 2026–27 earnings, thermal coal $31 billion and LNG $57 billion. All are expected to drop in the next five years.

The report noted that metallurgical coal prices rose sharply in late August to $US263 a tonne, the highest level since March 2024. The rise was driven by a surge in Chinese demand amid tighter domestic supply and disruptions to Mongolian deliveries caused by diesel shortages.

Thermal coal prices are expected to remain elevated in the near term as nations seek alternatives to LNG and Northern Hemisphere temperatures stay relatively high.

Copper prices rose 36 per cent year-on-year in Q2 2026 and reached a record high above $US14,700 a tonne in early September.

The REQ forecast prices to average $US13,460 a tonne in 2026, before easing to $US11,600 a tonne (real terms) by 2031, as supply gradually catches up with demand.

Zinc prices surged around 30 per cent year-on-year in Q3 2026, rising above $US4000 a tonne in late August 2026 as supply tightened and warehouse stocks fell.

Federal Resources Minister Madeleine King said the nation’s diverse range of resource exports continued to provide for all Australians.

“In tough times for global trade, our resources industry is standing strong and continuing to reliably supply our world-class products to the world,” she said.

“That means strong resource export earnings that deliver well-paid jobs for workers and support for the Albanese government’s investments in more bulk-billing doctors, fee-free TAFE and support for schools, helping every day Australians doing it tough.”