Two new reports from the Department of Industry, Science and Resources point to a positive outlook for Australia’s resources and energy sector despite global prices easing after record highs over the past two years.

The latest Resources and Energy Quarterly for December and the annual Resources and Energy Major Projects Report point to continued high export volumes and a strong investment pipeline, particularly for key export commodities iron ore, LNG and the critical minerals needed to lower emissions.

The December Resources and Energy Quarterly forecasts total export earnings to ease to $372 billion in the current year, down from $415 billion in 2023–24, due to lower global prices and slow world economic growth. 

However export volumes are continuing to rise to near record levels. 

The Resources and Energy Major Projects Report for 2024 also shows a healthy pipeline of projects coming on, with 455 major projects under development in 2024, up from 421 major projects in 2023.

While aggregate exploration expenditure is down, exploration for our largest export earner, iron ore, is at its highest level in a decade.

The major projects report shows gas projects continue to make up the largest share of committed projects, while Australia now has 117 critical minerals major projects in development.

Federal Resources Minister Madeleine King said the numbers showed the industry was growing in confidence. 

“These two reports point to a positive outlook for Australia’s resources and energy sector, with more projects in development and more major projects moving to production,” Minister King said.

“Australia’s resources and energy exports are continuing to support our economy, to create wealth and provide thousands of highly skilled and well-paid jobs.

“Australia’s resources are critical to our prosperity, but also to helping the world reduce carbon emissions and reach net zero by 2050.”

The December 2024 Resources and Energy Quarterly and the 2024 Resources and Energy Major Projects reports are available on the Department of Industry, Science and Resources website.