The decline is about to proceed into 2026, albeit at a slower tempo, hitting A$354 billion.
Commodity costs are down due to slower financial development within the developed world, a consequence of upper rates of interest, and weak spot in China, a significant supply of demand for metal and different commodities, the report stated.
Australia’s largest export iron ore has been notably arduous hit by the slowdown within the Chinese language property sector and costs are down a couple of third this 12 months.
The nation forecasts iron ore export income to fall to A$99 billion within the 12 months ended 30 June 2026 from A$138 billion final 12 months.
Costs had been decrease throughout a lot of the basket of assets lined by the report, together with metals vital to the renewable power transition like nickel and lithium.
Decrease costs pushed by a surge of provide from Indonesia have pressured some Australian nickel mines to close.
Sources Minister Madeleine King stated on Monday decrease costs for important minerals highlighted the significance of the federal government’s A$7 billion subsidy program for the sector.
($1 = 1.4550 Australian {dollars})
(By Lewis Jackson; Modifying by Shri Navaratnam)
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