main features
production
Just over half of Australia’s major minerals and energy commodities recorded production increases in 2005-06 compared with 2004-05. Substantial increases in production of minerals and energy commodities occurred for refinery LPG (13 per cent) and refined gold (10 per cent). Smaller increases were recorded for iron, raw steel, bauxite, iron ore and concentrate, alumina and manganese.
Minerals and energy commodities for which production decreased significantly were:
nickel — refined nickel class 2 (30 per cent), intermediate nickel (14 per cent), and nickel refined class 1 and nickel mine production (both 10 per cent) — and petroleum products — automotive diesel (21 per cent), other petroleum refinery products (11 per cent), crude oil and condensate (9 per cent) and automotive gasoline. Smaller decreases occurred for diamonds, refined silver, lead bullion and uranium.
exports
Australia’s export earnings from mineral resources rose to a record $90.5 billion in 2005-06, an increase of nearly $22 billion or 32 per cent. This strong performance reflects higher export prices across almost 85 per cent of all minerals and energy commodities exported, along with increased export volumes for just over half.
The commodities that recorded the largest increases in export earnings in 2005-06 were:
- coking coal, up $6318 million (59 per cent) to $17076 million;
- iron ore and pellets, up $4391 million (54 per cent) to $12 511 million;
- and copper, up $2444 million (79 per cent) to $5526 million.
Other commodities that recorded significant increases in export earnings in 2005-06 were:
- refined gold, up $1596 million (29 per cent) to $7119 million;
- LNG, up $1148 million (36 per cent) to $4347 million;
- zinc, up $1051 million (72 per cent) to $2517 million;
- aluminium, up $1026 million (28 per cent) to $4752 million;
- alumina, up $863 million (20 per cent) to $5246 million;
- and steaming coal, up $857 million (14 per cent) to $7193 million.
Other commodities that recorded increases during the year were petroleum refinery products, crude oil, lead, and refinery LPG.
The index of export prices of Australian minerals resources (export unit returns) rose by a further 32 per cent in 2005-06 compared with 2004-05. Prices for energy minerals rose by 36 per cent, while metals and related minerals prices rose by 29 per cent. The increase in the index in 2005-06 mainly reflects substantial increases in world prices for most major minerals and energy commodities.
Revised forecasts of minerals production, exports and prices for 2006-07, and analysis of key factors affecting the outlook for minerals and energy markets and the Australian industries, will be available in the next issue of Australian Commodities, to be released electronically on 25 September 2006.
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