Strong global demand for Australia’s resources, energy and food
Global demand for Australia’s energy, minerals and food kept exports strong throughout 2021. A back-to-back La Niña season will likely deliver another bumper crop for Australian farmers. Agricultural production is forecast to reach a record A$80 billion in 2022–23. Export value is expected to be around A$65 billion in 2022-23.
Mining and resources powered Australia to a record trade surplus in 2021. High commodity prices helped. Strong demand for iron ore delivered A$155 billion worth of exports in 2021. During 2021, we vied with Qatar as the world’s biggest exporter of liquefied natural gas.
Australia’s high-flying mining and energy sectors are pivoting towards a low-carbon future. Australia has the world’s second largest reserves of lithium, and investment is surging into new projects. Meanwhile, wind and solar energy is growing strongly. The ratio of power generated from renewable sources jumped from 21% in 2019 to 25% in 2020.
Our digital entrepreneurship is broad-based. Australia is home to approximately 700 fintech companies, 600 edtech companies, 500 medtech companies, and 400 agtech and foodtech companies. Fintechs in particular are thriving in Australia’s A$11 trillion financial sector and attracting global investment.