A new report shows Australia’s oil and gas industry is continuing to help drive the national economy, supporting thousands of jobs and delivering tens of billions of dollars of economic benefits to Australians.
The Federal Government’s Resources & Energy Quarterly, released today, shows LNG export earnings were revised up to a record $92 billion over the past financial year as part of a $460 billion return for the resources sector.
The record LNG performance for 2022-23 was up slightly on recent forecasts and up from $70 billion the previous year.
The report said gas exports were forecast to total $68 billion this financial year as overall resources exports come off record highs to total $390 billion. LNG exports would total $60 billion the following year.
The Australian Petroleum Production & Exploration Association (APPEA) said the export income translated to support for thousands of jobs, substantial direct government revenues and significant expenditure locally.
APPEA Chief Executive Samantha McCulloch said: “The Australian oil and gas industry is committed to domestic supply but the importance of exports is once again in the spotlight.
“The industry’s $400 billion investment in LNG projects over the past 15 years underpins the nation’s domestic energy security and delivers substantial economic benefits to Australia.
“This export income supports thousands of jobs; produces direct government revenues which rose to $16 billion in the past financial year; and expenditure such as the $45 billion the industry spent on goods and services with Australian businesses last financial year.
“Even with a slowing of export returns in the cycle across the resources sector, gas is still a reliable and significant economic driver in the nation’s fortunes at a time when the economy is facing headwinds and uncertainty.”
The report said oil exports in 2022-23 totalled $13 billion and were expected to climb to $14 billion this year before recording $12 billion the following year.
