Liquefied natural gas (LNG) exports continue to underpin the ongoing growth and strength of Australia’s economy, according to the latest Australian Bureau of Statistics (ABS) figures.
According to the National Accounts, resources and energy exports accounted for more than half of total growth in the June 2019 quarter with GDP growing by 0.5 percentage points.
The value-added by the oil and gas industry to the Australian economy increased to $34.5 billion in 2018-19, a jump of 19 percent compared with 2017-18, according to the ABS figures. The main driver of this growth was increased production from new LNG facilities.
Commenting on the ABS findings, APPEA chief executive Andrew McConville said this reaffirmed the significance of LNG exports for sustaining Australia’s economic growth.
“LNG exports are a vital source of strength for our economy and will provide decades of future growth and prosperity,” McConville said.
“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.
“The best way to put downward pressure on gas prices remains more gas supply,” McConville said.
He said if the industry can further explore and develop gas resources with far-sighted support from governments, Australia’s natural gas can continue to underpin a nation-building shift to a lower-carbon, sustainable energy economy.