Posted 12/17/2023, 1:01:00 PM
Australia's Commodity Export Earnings Set to Drop Due to Falling Prices and Shift Away from Coal, Iron Ore
- Australia's commodity export earnings forecast to fall 12% by 2024 due to lower prices for iron ore, coal, and LNG
- Weaker global economic growth and a stronger Australian dollar also contributing factors
- Importance of iron ore and coal exports expected to diminish over time
- Australia aims to boost production of minerals needed for energy transition like lithium, nickel, copper
- Value of committed projects in resources and energy sector remains healthy but declined 9.3% in past year