Strong global demand for Australia’s resources, energy and food
Australia’s primary industries powered export growth in 2020–21. Following a moderate growth of 3.3% in 2019-20, resources and energy exports increased by 6.5% to over A$310 billion in the year to June 2021.
Exports of these two commodities are projects to hit a new record of A$349 billion in 2021-22. 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$49 billion in 2020–21. Beef alone generated exports of around A$8.4 billion in 2021. A national reputation for high agricultural standards and clean, green produce means Australian exporters earn premium prices.
Tourism recovery is underway. Thanks to Australia's high vaccination uptake, lockdowns across states have lifted and international borders have started opening to select countries.
Australia’s A$10 trillion financial sector continued to grow in 2020, with total assets growing 9% per year consistently over two decades.