The Australian Government’s latest Resources and Energy Quarterly report has projected the commodities sector will deliver a record $450 billion in export earnings in 2022-23, up from the previously estimated $422 billion.

LNG export values are forecast to hit $90 billion this financial year, up from $84 billion forecast only three months ago, and more than the $70 billion reached last financial year.

Australian Petroleum Production & Exploration Association (APPEA) Chief Executive Samantha McCulloch said the results highlighted the enormous value of the sector to the Australian economy.

“This latest strong result for our LNG industry demonstrates the benefits available to the nation if we encourage more investment in supply,” Ms McCulloch said.

“We have invested as an industry over $300 billion in LNG export projects since 2010 and the economic returns on that investment are clear to see.”

The REQ report showed oil and gas exports together are forecast to hit $105 billion in 2022-23, up from $84 billion previously and the first time ever they have eclipsed the $100 billion mark.

The release of the government data comes a day after APPEA released member figures showing the direct return of LNG exports to federal and state governments.

On top of the economic activity generated by the industry, collections of corporate tax, petroleum resources rent tax (PRRT), royalties and excise are forecast to total around $13.8 billion this financial year, up from around $4.8 billion previously.