Gold Sector to Deliver Record $60 Billion in Export Earnings for Australia

With analysts tipping already record prices to climb further, gold looks set to grow as a major export earner for Australia as other sectors decline.

According to the September 2025 Resources and Energy Quarterly, high prices and rising export volumes are tipped to push gold earnings to $60 billion in 2025–26 and $59 billion in 2026–27, up from $47 billion in 2024–25.

While it expects the gold sector to partly offset the impact of weaker-than-expected LNG prices in 2025–26, the Department of Industry, Science and Resources (DISR) study also reported that Australian iron ore producers continue to ship large volumes to Asia, and tipped demand for copper and critical minerals such as lithium to remain strong.

Iron Ore Still on Top

The report confirmed that iron ore remains Australia’s top resources export, forecasting volumes to increase over the next two years but prices to ease.

DISR’s 2025–26 estimate of $369 billion in total resources and energy export earnings is down from 2024–25’s $385b, and DISR expects this figure to decline further to $354b in 2026–2027.

Minister for Resources and Northern Australia Madeleine King said the sector remained resilient in the face of declining world economic output.

“Australia’s resources and energy sector remains strong, with gold and critical minerals playing an increasingly important role in our export mix,” Ms King added.

High Mining Tax Outlay

The latest resource forecast came just days after reports emerged that the Australian mining industry once again paid more tax than all other sectors of the economy put together.

An ATO corporate tax transparency report found that Australia’s mining industry paid $65b in company tax and royalties for 2023-24, despite weaker commodity prices and challenging geopolitical conditions—highlighting the sector’s resilience.

“Despite a decrease in tax payable reflecting weaker commodity prices that impacted profitability of major producers in the sector, 2023-24 is the third year in a row that the mining sector paid more tax than all other sectors combined,” ATO assistant commissioner Michelle Sams said.

Chamber of Minerals and Energy WA (CME) members alone paid more than $37b in corporate and petroleum resource rent tax, representing 38.4% of such monies collected from large businesses.