Gold miners are continuing to enjoy record prices, while Australian iron ore producers are shipping large volumes to markets in Asia and increasing exploration expenditure.  

Capital expenditure in Australia’s resource and energy sectors is continuing to lift.  

Exploration spending has softened but remains at relatively high levels. 

The September 2025 Resources and Energy Quarterly, published by the Department of Industry, Science and Resources, forecasts Australia’s total resources and energy export earnings of $369 billion in 2025–26.  

Earnings will be down from an estimated $385 billion in 2024–25, as rising global trade barriers weigh on world economic growth. Earnings will decline further to $354 billion in 2026–‍27.  

Export volumes will continue to grow but the impact on earnings will be offset by falling prices for some commodities. 

The gold price hit a new high of over US$3,600 an ounce in September and the REQ projects prices will remain buoyant over the rest of the year before declining over 2026 and 2027.  

High prices and rising export volumes are tipped to push gold earnings to $60 billion in 2025–26 and $59 billion in 2026–27, up from $47 billion in 2024–25.  

Higher volumes and prices for gold exports will partly offset the impact of weaker-than-expected LNG prices in 2025–26. Demand for copper and critical minerals, such as lithium, are tipped to remain strong. 

Iron ore remains Australia’s top resources export with volumes forecast to increase over the next two years but with prices to ease. 
Minister for Resources and Northern Australia Madeleine King said the sector remained resilient in the face of declining world economic output. 

“The discovery of gold helped build this nation and gold mining is still creating wealth and jobs for our economy today,” Minister King said.  

“Australia’s resources and energy sector remains strong, with gold and critical minerals playing an increasingly important role in our export mix.” 

The September 2025 edition of the Resources and Energy Quarterly is available on the Department of Industry, Science and Resources website.