Australia’s economy is expected to see a “major economic windfall” thanks to gold being on track to become the country’s second-biggest national export earner.
Gold export earnings rose 42 per cent in 2024-25 to $47 billion, with forecasts suggesting an additional 28 per cent rise in 2025-26 to $60 billion. Earnings are set to stabilise the following year.
The surge in exports and earnings is being driven by record prices globally and expanding mine output, according to the Minerals Council of Australia (MCA), combining to deliver a “renewed period of strength for Australia’s gold industry”.
Prices, according to the Department of Industry, Science and Resources’ September resources and energy quarterly report, climbed above $US3,700 per ounce in mid-September and are forecast to remain above $US3,200 an ounce.
Prices hit a record of $US4,000 an ounce for the first time ever in October – highlighting increased demand.
This is complemented by output expectations also set to rise in 2026-27 to 369 tonnes in line with a range of new and expanded projects across the country, including mill upgrades, extensions and new mines adding around 67 tonnes to national production.
“Gold will remain a cornerstone of Australia’s economic resilience, supporting national income, regional economies and investment well beyond the current price cycle,” MCA chief executive officer Tania Constable said in a statement.
“High prices are also reviving exploration and investment, particularly for gold and copper-gold projects, reinforcing Australia’s position as a trusted and competitive global supplier.”
The surge in both demand and production, however, cannot be taken for granted.
The MCA notes greater investment needs to be attracted to facilitate greater earnings and ensure “Australia fully capitalises on any upswing in the commodity cycle, and safeguards the economy when prices fall”.
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