Video conference with Mr George Christensen MP, Chair of Joint Standing Committee on Trade and Investment Growth
Export earnings are tipped to reach $296 billion in 2020-21 in real terms, latest estimates from the Department of Industry, Science, Energy and Resources show, before decreasing 3 per cent in 2021-22 to $288 billion due to a softer price outlook. The outlook for 2025-26 remains relatively stable.
Iron ore exports, which broke the $100 billion threshold in 2019-20 for the first time, will continue to surge in 2020-21 by about a third to $136 billion on these predictions. This is up from the December forecast of $123 billion.
In February 2021, following a referral from the Keith Pitt Minister for Resources, Water and Northern Australia, the Joint Standing Committee on Trade and Investment Growth resolved to inquire into and report on the prudential regulation of investment in Australia’s export industries.
The inquiry is investigating the potential impact of changes in practices by banks, insurers and superannuation funds, as well as the advice and guidance provided by financial regulators, on the investment opportunities for Australian exporters. The Committee is particularly interested in hearing from businesses that have experienced difficulty in sourcing funding or insurance for their export businesses.
George Christensen the Chair of the Joint Standing Committee on Trade and Investment Growth and Federal Member for Dawson, provided an update on the committee’s work and answered questions and listened to comments from businesses and export industries affected by these changes.
Thursday, 10 June 2021