Australia’s gold industry is set to become the nation’s second-largest export earner, with record prices and rising mine output driving a sharp increase in export revenue, according to new government data.
Figures from the Department of Industry, Science and Resources’ September Resources and Energy Quarterly show gold export earnings jumped 42 per cent to $47 billion in 2024–25 and are forecast to grow a further 28 per cent to $60 billion in 2025–26 before stabilising in 2026–27.
This would place gold behind only iron ore in terms of export value.
The department’s latest outlook also reports gold prices peaked above US$3,700 an ounce in mid-September 2025 and are expected to remain above US$3,200 an ounce over the forecast period, supported by sustained global demand for safe-haven assets.
Stronger price and production expectations led to upward revisions in the September report, with export forecasts lifted by $4 billion for 2025–26 and $8 billion for 2026–27.
Australia is the world’s third-largest gold producer, with national output projected to grow from 293 tonnes in 2024–25 to 369 tonnes in 2026–27.
New and expanded mining developments – including mill upgrades, extensions and new mines – are expected to contribute around 67 tonnes of additional production over the period.
High prices are also stimulating renewed exploration and investment in gold and copper-gold projects, reinforcing Australia’s position in global supply chains.
Tania Constable, Chief Executive Officer, said: “Australian gold is on track to become the nation’s second-largest export earner, delivering a major economic windfall that will help fund essential services and strengthen the national economy.
“This unprecedented surge is being driven by record global prices and expanding mine output, combining to deliver a renewed period of strength for Australia’s gold industry.”
She added: “The strength of Australia’s gold industry underscores the vital contribution mining makes to the nation’s prosperity.
Constable said higher gold export revenues would boost government income via increased royalties and company taxes, providing funding for hospitals, schools, infrastructure and other essential public services.
She added that gold would continue to play a pivotal role in Australia’s economic resilience, sustaining national income, regional communities and investment long after the current price cycle ends.
The Department notes that while the current surge in prices and output is providing a significant boost to national income, longer-term growth will depend on stable policy settings and regulation that supports investment and cost efficiency.