Coal on track to hit $110 billion in 2021-22

The Hunter’s coal is contributing to the sector’s record export earnings this year.

The latest Resources and Energy Quarterly report shows coal will become the second Australian commodity to break through the $100 billion mark on its way to a forecast $110 billion in 2021-22.

Minister for Resources and Water Keith Pitt said there are hundreds of new major resources and energy projects in the pipeline, including 48 in NSW, which will deliver thousands of new jobs, especially in regional areas.

“Coal is making a significant contribution to a very successful year for the Australian resources and energy sector,” Minister Pitt said.

“The latest report has found that soaring demand and high prices for Australia’s coal, gas and oil will be a key contributor to our total resources and export earnings surging to a record high $425 billion for 2021–22.”

“Critical global shortages in energy and some resource commodities have led to the high prices for some of our commodities.”

Senator for NSW Perin Davey said the resources sector, particularly in the Hunter should be congratulated.

“75 per cent of Australia’s thermal coal exports come from New South Wales and help to provide such a strong foundation for our state and national economies,”

“That’s because there is strong international demand for our high energy lower emitting coal from the Hunter,” she said.

Image credit: NewFM Newsroom/Jessica Rouse