Australia trims resources revenue outlook on weaker coal, LNG exports

Australia has pared its forecasts for mining and energy export revenue this year, as liquefied natural gas (LNG) and metallurgical coal earnings are forecast to be slightly weaker than earlier expected. Total earnings from mining and energy exports are forecast to fall 12% in the year to June 2021 to A$256-billion from a record high of A$290-billion a year earlier, the Department of Industry said in its latest quarterly report. "In 2020/21, relatively weak resource and energy commodity prices -- with the notable exception of gold and iron ore -- and lower coal export volumes are expected to drive a sizable fall in export earnings," the government said.