Australia will reach a record $230 billion in energy exports this financial year driven by an LNG and oil boom.

The March 2018 edition of the federal government’s Resources and Energy Quarterly forecasts a buoyant export market that will hit more than $230 billion this year and the next, before slipping below $230 billion from 2019 until 2022, when it will rise to about $240 billion in export value.

Coal will still play a role in Australian energy exports, albeit a declining one. Credit:Vincent Mundy

Mining and energy exports are forecast to generate about $1 trillion for the national economy during this period.

LNG will become Australia’s biggest resources export by 2022, generating $39 billion, up from the $30 billion this year, “driven by higher export volumes and, to a lesser extent, higher prices,” the report stated.