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Australia's resource export earnings have been revised up 4% to A$383 billion for the current financial year, driven by record gold prices and stable iron ore prices, as detailed in the December report from the Department of Industry. Gold is projected to become the second most valuable resource export by 2025-26, surpassing liquefied natural gas.

The earnings forecast has increased by A$14 billion, approaching the previous year's A$385 billion. Gold export values are expected to rise to A$69 billion in 2025-26 and A$74 billion in 2026-27, driven by higher volumes and prices.

Iron ore remains the largest earner, with current prices at $87 a ton and a slight forecast decline to $83 a ton for 2026-27. Copper prices have been revised up significantly for 2025-26 and 2026-27. Critical minerals exports are also anticipated to increase, reaching A$14 billion by 2026-27.