- Media Release
Gold on track to become Australia’s second-largest export earner, fueling national prosperity
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.
Australia’s gold export earnings rose 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. That trajectory will see gold become Australia’s second-largest export earner after iron ore.
According to the Department of Industry, Science and Resources’ September Resources and Energy Quarterly, gold prices climbed above US$3,700 an ounce in mid-September 2025 and are forecast to remain above US$3,200 an ounce through the outlook period as global demand for safe-haven assets persists.
Upward revisions to the September 2025 REQ lifted export forecasts by $4 billion for 2025-26 and $8 billion for 2026-27, reflecting stronger expected prices and output.
The strength of Australia’s gold industry underscores the vital contribution mining makes to the nation’s prosperity. Higher export earnings will flow directly to governments through increased royalty and company tax payments, helping to fund hospitals, schools, infrastructure and the essential services Australians rely on.
Australia remains the world’s third-largest gold producer, with output expected to rise from 293 tonnes in 2024-25 to 369 tonnes in 2026-27. New and expanded projects across the country – including mill upgrades, extensions and new mines – are set to add around 67 tonnes to national production.
High prices are also reviving exploration and investment, particularly for gold and copper-gold projects, reinforcing Australia’s position as a trusted and competitive global supplier.
But this surge cannot be taken for granted. Stable and enabling policy settings, together with streamlined regulations, are necessary to attract investment, lower costs and ensure Australia fully capitalises on any upswing in the commodity cycle, and safeguards the economy when prices fall.
When policy is predictable and investment conditions are strong, the mining industry can turn global opportunity into local jobs, community development and long-term economic growth.
Gold will remain a cornerstone of Australia’s economic resilience, supporting national income, regional economies and investment well beyond the current price cycle.