Strong global demand for Australia’s resources, energy and food
Australia’s primary industries powered export growth in 2019–20. Resources and energy exports reached A$290 billion after growing by an average 8.9% per year since 2000–01. Asia’s economies are our principal customers.
Investment in Australian critical minerals is growing fast. This is due to soaring demand for lithium-ion batteries, renewable energy plants and high-tech manufacturing. Fresh investment in new mines and processing facilities will create a reliable source of global supply.
Exports of agri-foods also reached a new high of A$48 billion in 2019–20. Beef alone generated exports of A$11 billion in 2019–20. A national reputation for high agricultural standards and clean, green produce means Australian exporters earn premium prices.
Australians have maintained their love of domestic travel, making up for some of the decline in international tourism. Australia’s A$10 trillion financial sector continued to grow in 2019–20, with total assets growing 9% per year consistently over two decades.