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$204bn: Aussie mining exports
Improving commodity markets could see Australia’s energy export earnings hit a record $204bn (£123bn) in the year to 30 June 2017 – but still may not be enough to stave off recession.
Australia, which has not experienced a two quarter contraction
in GDP for 25 years, reported a 0.5% dip in output for the quarter
to 30 September 2016.
Rising household debt driven by a real estate boom has started to weigh on consumer spending while a downturn in the commodity cycle increased unemployment outside major east coast cities.
Mining companies have been delaying investment decisions due to an uncertain demand.