Strong global demand for Australia’s resources, energy and food
Australia’s primary industries powered export growth in 2019–20. Exports of resources and energy rose by 3% to A$291 billion in the year to June 2020. Australia’s exports of these two commodities are projected to hit a record A$296 billion in 2020–21, an impressive result in the midst of the COVID-19 pandemic. 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 2020, with total assets growing 9% per year consistently over two decades.