Resources sector key to keeping economy afloat
It shows a significant increase in Australia’s resources exports underpinning the 29 per cent rise to the value of goods exported in March 2020 to $36.1 billion, following declines in the previous two months.
There was a $2474 million (225 per cent) increase in the value of exports of non-monetary gold.
Year-on-year, exports in March 2020 increased by $4846 million (16 per cent) on March 2019.
MCA chief executive officer Tania Constable said the March upsurge had ridden on growth in Australia’s iron ore exports to support China’s rebounding economy as well as increases in the value of Australia’s gold, coal and petroleum exports.
“Australia’s mining industry has been able to deliver this result for the nation while implementing strict and comprehensive health and safety protocols to protect workers, families and local communities,” she said.
“Keeping mining open for business during this challenging time not only protects 1.1 million jobs – it enables the industry to keep paying taxes and royalties which help fund government assistance programs for workers and small businesses affected by the COVID-19 pandemic.”
The Australian Competition and Consumer Commission this week authorised more than 280 Australian resources companies to work together to source essential safety supplies and machinery spare parts to keep operating during the COVID-19 pandemic.
The interim authorisation applies to the MCA, the Australian Aluminium Council and state resources bodies.