MELBOURNE : Australia revised upwards its resources and energy export earnings for the current financial year to hit a record A$459 billion on Monday, as the war in Ukraine boosts prices of energy commodities.
"Many Western nations are having to pay substantially more for energy, on the high chance that sanctions on Russia will see some Russian production — particularly gas and coal — become stranded from world markets," it said. Iron ore, which is still Australia's most valuable commodity export, is seen at A$113 billion this financial year, lower than the year ended in June when it stood at A$133 billion.
The value of liquefied natural gas exports is expected to hit $A90 billion from A$71 billion last financial year.
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