Australia expects to gain extra US$26 billion from exports after Iran war raises prices

AI Summary

Australia expects an additional A$38 billion (US$26 billion) in export income driven by rising commodity and energy prices due to the war in Iran, with projected resource exports rising nearly 3% through June 2027.

Australia forecasts a A$38 billion (US$26 billion) lift in its export income as commodity and energy prices rise because of the war in Iran. The nation’s resources exports are set to rise almost 3 per cent to A$416 billion in the financial year through June 2027, the Department of Industry, Science and Resources said in its latest resources and energy quarterly on Friday. The extra earnings assume trade is disrupted until end-June 2026, with a further A$7 billion windfall possible if that...