Higher iron-ore prices has helped to drive Australia’s resource export earnings to a record A$275-billion in the 2018–19 financial year, with export earnings expected to hit A$285-billion in 2019–20, new data from the Resources and Energy Quarterly has shown.
Chief economist Mark Cully noted that the fallout from the Brumadinho tailings dam collapse has led to a sharp drop in Brazilian iron-ore exports, and this shortfall now looks set to last at least two years.