Confidence in the resource sector has increased after a new report revealed global demand for Australian coal is predicted to grow over the next five years.
Confidence in the resource sector has increased after a new report revealed global demand for Australian coal is predicted to grow over the next five years. Contributed

Demand for Australian coal set to grow over next five years

A NEW report has revealed global demand for Australian coal is predicted to grow over the next five years.

The Coal 2018 - Analysis and Forecasts to 2023 report, released by the International Energy Agency (IEA), states Australia currently leads the world in export mining capacity under development.

Minister for Resources and Northern Australia Matt Canavan said claims about the inevitable demise of coal-fired power were simply wrong.

"The IEA's Coal 2018 - Analysis and Forecasts to 2023 projects Australian coal output will increase by 18 Mtce (million tonnes of coal equivalent) to 438 Mtce by 2023," Mr Canavan said.

"It indicates that in order to meet this ongoing demand, we need to support the development of new coal basins in Australia, such as the Galilee."

Last month, the IEA World Energy Outlook update predicted that the Asia-Pacific's demand for coal would increase by 492 Mtce by 2040.

Mr Canavan said coal royalties have been bolstering the national economy and creating jobs where they are desperately needed.

"We should embrace coal as the economic powerhouse that it is at this time, in fact projected to be Australia's single most valuable export in 2018-19, likely earning $67 billion," he said.

"It indicates that in order to meet this ongoing demand, we need to support the development of new coal basins in Australia, such as the Galilee".



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