Australia forecasts a A$38 billion (US$26 billion) lift in its export income as commodity and energy prices rise because of the war in Iran.
The nation’s resources exports are set to rise almost 3 per cent to A$416 billion in the financial year through June 2027, the Department of Industry, Science and Resources said in its latest resources and energy quarterly on Friday. The extra earnings assume trade is disrupted until end-June 2026, with a further A$7 billion windfall possible if that extends through August.
The conflict in Iran and the closure of the Strait of Hormuz reshaped global energy and commodity markets by limiting Persian Gulf producers’ access to international buyers. That drove up energy prices, benefiting alternative exporters such as Australia.
The department, which in December had forecast a drop in export revenue for the current year, did not publish a report in March because of the uncertainty caused by the conflict in the Middle East.
The biggest beneficiary of the war is the LNG industry, which will see additional revenue of A$20 billion. The government earlier this year ruled out increased taxes on the sector, despite polls showing most people supported them.