North important contributor to Australia’s export wealth

Northern-based Senator Ian Macdonald said today latest statistics on Australia’s resources and energy exports provided further proof of Northern Australia’s contribution to the nation’s wealth.

Senator Macdonald, a member of the Joint Select Committee on Northern Development, said the latest forecasts from the Bureau of Resources and Energy Economics (BREE) showed that export income was likely to rise in 2014-15 off the back of robust growth in iron ore and LNG export volume.

“This is a further positive sign that our resources and energy boom is far from over as major projects transition from the construction to the production phase,” he said.

“Australia is in a very strong position to help meet increasing demand driven by the exploding middle classes of the Asia-Pacific region.”

Senator Macdonald said BREE forecast resources and energy export earnings would increase 2.6 per cent to $201 billion in 2014-15. The ABS data shows that overall Australian exports have increased 0.6 per cent to $26.7 billion compared to May last year.

Exports to East Asia rose 1.5 per cent from a year ago with a strong growth in exports to ASEAN economies, up 27.8 per cent to $2.6 billion. Exports to China rose 1.4 per cent to $8.1 billion while exports to Japan fell 6.7 per cent to $3.8 billion as did those to Korea, down 14.4 per cent to $1.4 billion.

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