Russia’s invasion of the Ukraine is expected to send Australia’s annual mining and energy export earnings above $400 billion for the first time, delivering a $46 billion increase and driving profits even higher at exporters including BHP, Rio Tinto, Woodside and Santos.
The government forecaster will today predict soaring LNG and coal prices will lead to a record $425 billion in commodity earnings for the year to June 30, up sharply on the $379 billion predicted as recently as December.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
