Federal Resources Minister Josh Frydenberg has highlighted the importance of the resources industry to the nation’s economy in a speech to the National Press Club in Canberra.
“The global demand for gas will increase by 50 per cent between now and 2040 and as we are soon to be the largest exporter of LNG in the world, this makes us the principal beneficiary,” Mr Frydenberg said.
“In the years ahead to 2040, the LNG projects in Western Australia alone – Wheatstone, Pluto, Gorgon and North West Shelf – are expected to contribute a further AU$160 billion in taxes and royalties.”
Mr Frydenberg added that the revenue flow is just part of the economic dividend that comes from being the number one exporter by 2020 of LNG in the world.
“We are truly a global powerhouse when it comes to the resources sector.
“Australia is among the greatest beneficiaries of Chinese growth and the continuing demand from our major and long standing customers in Japan, Korea and ASEAN countries,” he said.