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.
The department had predicted an annual value of resources exports at A$450 billion, in its most recent September report. A weaker-than-expected Australian dollar exchange rate as well as high prices for thermal coal were the main factors behind the revision, it said. Ongoing strength in thermal coal prices are expected to see the biggest annual revenue growth at 65%, taking export value of the fossil fuel to A$76 billion from A$46 billion.
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