Australia has cut its projection on its mining and energy export revenue for 2020 due to weaker exports of liquefied natural gas and metallurgical coal. Total earnings from mining and energy exports are expected to stand at A$256 billion ($180.71 billion) in the ongoing fiscal year ended June 2021, 12% lower than a record high of A$290 billion in the fiscal year 2019-2020.
The Australian government trimmed its latest forecast for the current fiscal year by A$7 billion from its previous outlook because of relatively weak resource and energy commodity prices. Earnings from LNG export are estimated to slump 35% to A$31 billion, a downward revision of A$4 billion of the prior outlook. Meanwhile, met coal export revenue is expected to fall by more than 30% to A$23 billion in 2020-2021, a downward adjustment of A$2 billion from the government’s previous forecast.
