According to The Australian Financial Review, the increase in resources exports over the past two years is almost twice the size of our total agricultural exports and the same size as the total of our services exports in Australia. The extra $91 billion a year of exports could build almost 100 hospitals. Our resources sector now accounts for a greater share of Australia's economic output than manufacturing and 57 per cent of our exports.
Almost two-thirds of the increase in resources exports over the past two years have been driven by increases in gas and coal exports. Australia is riding on the back of a fossil fuel-powered economic recovery.
The increases in gas exports have come following a $200 billion investment in gas infrastructure in Australia. Less than 10 years ago Australia exported less than 20 million tonnes of gas. That has almost quadrupled to just under 80 million tonnes of gas and soon Australia will likely become the biggest exporter of gas in the world.
Our coal exports have risen due to a substantial increase in coal prices. This financial year coal exports are expected to reach a record amount of $62 billion and overtake iron ore as the nation's largest export.
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