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Media release
Australian Minister for Trade, Mark Vaile
Wednesday, 28 February 2001
MVT20/2001
Vaile welcomes ABARE export forecasts
Minister for Trade and Deputy Leader of the National Party, Mark Vaile today welcomed the positive outlook for mineral and rural commodity prices forecast by the Bureau of Agricultural Resource Economics (ABARE).
"We can't be complacent, but the indicators are lining up for a positive outlook for the land after some have experienced bleak times," Mr Vaile said.
"ABARE is forecasting good news for most of our major commodity exports in the farm and mining sectors, for this year and the medium term."
Mineral and rural commodity exports have been forecast to rise almost 20 percent in 2000-01, up to $86.3 billion. The positive outlook reflects both strong performances by Australian commodity exporters and the impact of a lower Australian dollar.
Farm exports are set to rise from $24.2b in 1999-2000 to $29.6b in 2001-02. Mining exports should rise from $44.4b to $55.8b over the same period.
The fastest-growing export commodities are expected to be crude oil, thermal coal, liquid nitrogen gas and wool. Wine exports are also predicted to continue their strong performance.
ABARE also predicts increased values for most export commodities, which should flow into employment and livelihoods in rural and regional Australia.
"The Coalition Government has delivered lower interest rates and sound economic management allowing businesses to plan for the future and achieve their export potential," Mr Vaile said.
"Furthermore, through tax reform the Howard/Anderson Government has removed $3.5 billion of embedded taxes to the benefit of Australia's exporters.
"The greatest threat now to ABARE's bright forecasts is the Labor Party - a party whose record includes interest rates above 20 percent and high taxes. Its clumsy rollback obsession will steam-roll over small businesses and farmers."
Contact: James Baker (Ministerial) 02 6277 7420
Local Date: Thursday, 17-May-2012 16:29:56 EST