According to the National Accounts, resources and energy exports from Australia accounted for over 50% of total growth in the June 2019 quarter, with GDP increasing by 0.5 percentage points.
The APPEA claims that the value added by the oil and gas industry to the Australian economy increased to $34.5 billion in 2018 – 2019. According to figures from the Australian Bureau of Statistics, this is an increase of 19% compared to 2017 – 2018. The main driver of this growth was reportedly increased production from new LNG facilities.
APPEA Chief Executive, Andrew McConville, said: “LNG exports are a vital source of strength for our economy and will provide decades of future growth and prosperity.
“The Australian oil and gas industry has invested more than $350 billion in the economy over the last decade and this investment will deliver decades of growth, exports and jobs for Australia.
“However, for the LNG sector to continue to thrive and be a key driver of the economy, exploration and development must be fostered not restricted – and industry must continue to have confidence to invest.
“We have consistently highlighted that while governments may seek reforms to intervene in markets, it must be highlighted that any intervention is not without costs.
“The best way to put downward pressure on gas prices remains more gas supply. Eastern Australian gas users have paid a high price for unnecessary, unscientific restrictions on gas development in Victoria and New South Wales.”
According to the statement, McConville went on to say that, if the industry can further explore and develop gas resources with far-sighted support from governments, then Australia’s natural gas will be able to continue underpinning a shift towards a lower carbon, sustainable energy economy.
McConville concluded: “All governments should consider the ongoing economic, social and environmental benefits offered by a growing gas industry.”
Read the article online at: https://www.lngindustry.com/liquefaction/05092019/appea-claims-lng-exports-continuing-to-boost-australian-economy/