Australia’s gold industry is experiencing a boom, contrasting with struggles in other commodity sectors affected by global trade tensions and international conflicts. Gold is projected to become Australia’s third-largest commodity export earner next year, surpassing previous expectations. Export earnings are forecast to reach $56 billion before a price correction is expected in 2027.
Citigroup anticipates gold prices to stabilise between US$3,100 and US$3,500 per ounce in the third quarter, influenced by easing geopolitical tensions and improved global growth. The current spot price for gold is US$3,329.53. Recent price increases followed the passage of the US President’s tax bill, which raised concerns among analysts about potentially larger US deficits.
Despite the positive outlook for gold, the Department of Industry, Science and Resources’ June 2025 Resources and Energy Quarterly report indicates a broader decline in mining, oil, and gas revenues from recent historical highs. Export earnings are projected to decrease from an estimated $385 billion in 2024–25 to $369 billion in 2025–26 and further to $352 billion in 2026–27.
Federal Minister for Resources and Northern Australia Madeleine King stated that despite the anticipated revenue decline, export volumes are expected to increase marginally. She highlighted Australia’s continued role as a reliable global supplier of resources and energy amid ongoing global uncertainty, stating that Australian resources companies are expected to remain competitive in the global market despite easing commodity prices.
