In the next financial year Australia will earn $251 billion from commodity exports as per the forecasts from the federal government. With the mining boom looking good for another decade and the prices for farm goods like wheat, cotton and sugar rising the export earnings for the country will most likely rise by 9% compared to the last financial year.
Australian Bureau of Agricultural and Resource Economics and Sciences said despite the natural disasters farmers will enjoy healthy income increases. About $31.2 billion income from exports of farming products in 2010-11 will probably rise to $32.5 billion in the financial year 2011- 12.
The mining industry will also do better as per the Australian Bureau of Agricultural and Resource Economics and Sciences. Mineral and energy exports should be in the range of $186 billion for the financial year 2010-11 and will increase by 16% to $215 billion in the next financial year. This is because a number of resources companies operating in Australia are increasing production besides the rising prices of minerals contributing to the higher earnings.
The Executive Director of the Australian Bureau of Agricultural and Resource Economics and Sciences, Philio Glyde hoped that the record levels of export earnings would continue till the financial year 2015-16. Speaking in Canberra he said that more records will continue to be broken in the minerals and energy export sector. He added that the continued strong demand for mineral resources, particularly from Asia, is expected to keep the Australian dollar relatively high.