Oil, Gas Contribute Significantly to Oz Economic Growth

Oil and gas extraction value-added figures rose 10.7% year on year to A$30bn (US$7.14bn) during the 12-month period that ended June 30, 2018, according to latest Australian Bureau of Statistics (ABS) data.

Country’s producer’s body Australian Petroleum Production & Exploration Association (Appea) said the latest data highlights the important contribution the oil and gas industry and liquefied natural gas (LNG) exports are playing in supporting the ongoing growth of Australia’s economy. The national economy grew 3.4% year on year in the June quarter. 

“The latest ABS data reaffirms how significant LNG exports are for sustaining Australia’s economic growth and prosperity – these exports are a vital source of strength for the economy,” Appea CEO Malcolm Roberts said.

As per the latest government data LNG exports increased by 39% year on year during the 12-month period. “The Australian oil and gas industry has invested more than A$300bn in the economy over the last 10 years. This investment will deliver decades of economic growth, exports and jobs for Australia,” Roberts said.

Appea recently slammed the federal Labor Party’s "counter-productive" proposal for permanent controls on Australia’s gas exports.