Sneaking suspicion government cold on coal

The latest Resources and Energy Quarterly confirms the mining sector remains the backbone of Australia, despite Labor’s best attempts to undermine it, according to Queensland Senator Susan McDonald. Senator Susan McDonald. The opposition spokeswoman for resources said the Federal Government 'snuck out' the report the day before the Easter weekend to hide its coal forecasts, because Labor continued to have a problem with the income and jobs that came from coal. “Australian steel-making coal makes up over 50 per cent of global exports, and growth in domestic operations will see export tonnage rise by 18 million tonnes to 2029," she said. Coking coal remained crucial in the steel supply chain, and the nation's international partners relied on high-quality Australian coal for their production lines, she said. Related: Resource export earnings set to soften The report tips export volumes to increase from 161Mt in 2023–24 to 175Mt by 2028–29, as coking coal mines in NSW and Queensland ramp up. However falling prices mean earnings from metallurgical coal are expected to fall to $56 billion in 2023–24, down from last year’s $62 billion, before easing further easing and then stabilising between $35 and $40 billion (in real terms) over the second half of the outlook period. Senator McDonald said that while a forecast for increasing revenue from iron ore was promising, there was a worrying trend in the downturn of critical minerals earnings. “As the report highlights, Australia’s nickel and lithium sectors are facing pressure, with closures and production cuts on the horizon," she said. “Labor have yet to show any real initiative in driving our critical minerals sector into the future, and thanks to their slow attempts to support our nickel industry, there is the potential that these supply chains become threatened." Related: Push for tax credit to stay in critical minerals race Resources Minister Madeleine King said the five-year outlook in the March 2024 REQ showed a positive outlook for resources and energy exports, which continued to support jobs, provide secure and reliable energy supplies to countries in our region, and underpin Australia’s economic wellbeing. “While global prices are easing, the March 2024 Resources and Energy Quarterly shows demand is likely to be sustained for commodities used in low-emissions technologies, including iron ore, copper, aluminium and lithium,” Ms King said. “The road to net zero runs through Australia’s resources sector. “Our resources and energy industries support more than 300,000 Australian jobs directly and indirectly, supporting regional communities and our national economy.” You might also like: https://industryqld.com.au/dalrymple-bay-exports-up-as-china-comes-back-into-play/

Sneaking suspicion government cold on coal

Industry Queensland

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