JOINT MEDIA RELEASE
The importance of the NSW coal sector to the state and national economies has been highlighted in a major new report confirming coal is set to bring in record export earnings this year.
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, welcomed the latest forecast from the Department of Industry, Science, Energy and Resources’ March 2022 edition of the Resources and Energy Quarterly (REQ).
“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.”
Minister 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.
Senator for New South Wales Perin Davey said the men and women working in the resources sector, particularly in the Hunter region, should be congratulated.
“Their efforts have helped put the country on track to deliver stunning record high resources and energy export earnings,” Senator Davey said.
“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.
“Our coal industry is too important to allow a Labor-Green alliance to destroy it as Adam Bandt has outlined in his list of demands to Anthony Albanese,” Senator Davey 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 like the Hunter.
“These include projects to extract critical minerals which are crucial for manufacturing renewable components which will power our future.
“Only the Coalition stands in full support of our mining workers who’ve done such an outstanding job through the COVID pandemic.
“These forecast record earnings will keep the benefits flowing to all Australians, including through royalties the states use to pay for services such as the hospitals, roads and schools we all rely on.”
The latest Resources and Energy Quarterly report is available on the Department of Industry, Science, Energy and Resources website.