Last Updated 31 Jul 2021

Australia

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Ukraine - Russia conflict effect on global commodity prices. There are Domestic Economic Risks, Business Investment- Transition from large drop- off of committed investment.

Exports - Project delays, delayed production ramp-up Labor Demand- Weaker labor market conditions from declining resources investment.

Housing - Growth will be weaker if dwelling investment does not recover strongly as forecast. Australia has an abundant and diverse range of energy resources. It has very large coal resources that underpin exports and low-cost domestic electricity production, ore than one third of the world's known uranium resources, and substantial conventional gas and coal seam gas resources. These can support Australia's domestic needs and exports for many years to come.

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Identified resources of crude oil, condensate and liquefied petroleum gas are more limited and Australia is increasingly reliant on imports for transport fuels. The expected advances in technology by 2030 will allow them to make a growing contribution to Australia's future energy supply. By this time Australia's energy consumption pattern is expected to change significantly. While fossil fuels (coal, oil and increasingly gas) will intention to dominate the energy mix, renewable energy sources, notably wind, are expected to become increasingly more significant.

Korea is Australia's fourth-largest trading partner, and Australia is Koreans seventh largest trading-partner, with trade volumes of approximately $30 billion in 2013, so it's not surprising that both countries are trying to conclude a Korea-Australia Free Trade Agreement (FAT). Given the fact that the energy and resources sector accounts for nearly half of that, it will be particularly important for industry participants to understand the main opportunities that will arise once the FAT is finalized. Lion of iron ore and concentrates, $1. Billion of crude petroleum and $700 million of liquefied natural gas. Koreans largest export to Australia was refined petroleum, coming in at approximately $3 billion. Official estimates are that Australia provides approximately 75% of Koreans iron ore and around 40% of its coal. According to the Australian Government, the FAT could increase trade between the two countries by 23% by 2030, with 17% attributable to an increase in the trade of energy and resources products. This FAT will improve Australia-Korea economic ties and will protect Post-crisis environment.

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