According to economic forecaster the Australian Bureau of Agricultural and Resource Economics, the value of Australia’s minerals and energy exports is forecast to be around $A117 billion in 2007-08, a rise of 8% from an estimated $109 billion in 2006-07.

The forecast increase mainly reflects the effects of higher export volumes for mineral and energy commodities.

Earnings from energy exports are forecast to increase by over 6% to nearly $43 billion, supported by an increase in the value of thermal coal and crude oil exports.

Overall, Australian commodity export earnings are forecast to increase by 7% to nearly $150 billion next financial year.