Released May 06, 2025 | SUGAR LAND
en
Written by Paul Wiseman for Industrial Info Resources (Sugar Land, Texas)--Closely reflecting what happened on April 28 in Canada, Australia's center-left Labor Party won a clear victory in Saturday's general election. Current Prime Minister Anthony Albanese's party had struggled in opinion polls earlier in 2025 and was expected to lose some seats. Instead, voters strengthened Labor's position over the center-right Liberal party on Saturday, and voted opposition leader Peter Dutton out of his seat in the process--exactly what happened in Canada earlier in the week.
Should the Liberal Party have prevailed, mining and energy policies could have changed. Its website declares: "Over the last three years, the Albanese Labor Government has demonized and neglected the mining and resources sector by slowing approvals and wrapping the industry in excessive red and green tape in an attempt to please inner-city Greens voters. In fact, around $120 billion in coal, iron ore and gas projects have been stalled or cancelled in the last year alone putting 48,000 Australian jobs, and the nation's prosperity, at risk."
It promised to invest in developing minerals, speed approval processes, encourage investment, and expand the nation's critical minerals list.
The mining sector is significant in Australia. In 2024, it contributed a gross value added (GVA) of more than AU$349 billion (US$225.79 billion) to the nation's economy--about 14.3% of its gross domestic product (GDP), according to Statista.
Australia was also the world's second-largest coal exporter in 2024 (353 metric tons, or Mt), with Indonesia first (521 Mt) and Russia in third (211 Mt). These three countries accounted for almost 75% of all coal exports last year.
It also exports about 70% of its natural gas production. In 2024, exports of liquefied natural gas (LNG) totaled about 175.9 million megaliters, according to Statista. That equals 46.47 trillion gallons.
For crude oil, Australia produced in 2024, about 373,728 barrels per day--a figure that has been in decline since 2009. Of that it exported 18,863 barrels per day. No new fields have been discovered in recent years.
Under a new Labor government, the fossil-fuel industry likely will continue to decline, while the renewable industry will continue to rise. In 2024, renewables grew to 34% share of power generation, an all-time high, although it experienced its slowest growth rate since 2017-2018.
The Albanese government has pledged to remain on task in the Paris Agreement for climate goals following its re-election. According to the nation's Department of Climate Change, Energy, the Environment and Water, (DCCEEW) website, the greenhouse gas (GHG) emissions in 2024 were about 42.7% below 2005 levels: "This decrease puts us just shy of our legislated 2030 target of 43% below 2005 levels. The Net Zero Plan will support the government's broader policy agenda, including its ambition for a future made in Australia."
Funding for renewable projects stands at about AU$2.25 billion (US$1.46 billion), attributed to 663 projects administered by the Australian Renewable Energy Agency (ARENA). In addition to wind and solar, projects include green hydrogen and ammonia, sustainable aviation fuel (SAF), other biofuels, distributed energy resources (DER) such as rooftop solar and batteries, electric vehicle (EV) charging stations, grid investments, and others.
One positive for Australia in this result is stability: Albanese is the first Australian prime minister to win re-election in 20 years. The Labor Party now holds 85 of the nation's 150 lower-house seats, with the Liberal coalition holding just 37. A supermajority like that means the party needs no coalition, so it can govern without compromising any of its stated goals.
Perhaps most significantly, last week's elections in Australia and Canada may indicate a global shift away from the more conservative tide observed in 2024.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Should the Liberal Party have prevailed, mining and energy policies could have changed. Its website declares: "Over the last three years, the Albanese Labor Government has demonized and neglected the mining and resources sector by slowing approvals and wrapping the industry in excessive red and green tape in an attempt to please inner-city Greens voters. In fact, around $120 billion in coal, iron ore and gas projects have been stalled or cancelled in the last year alone putting 48,000 Australian jobs, and the nation's prosperity, at risk."
It promised to invest in developing minerals, speed approval processes, encourage investment, and expand the nation's critical minerals list.
The mining sector is significant in Australia. In 2024, it contributed a gross value added (GVA) of more than AU$349 billion (US$225.79 billion) to the nation's economy--about 14.3% of its gross domestic product (GDP), according to Statista.
Australia was also the world's second-largest coal exporter in 2024 (353 metric tons, or Mt), with Indonesia first (521 Mt) and Russia in third (211 Mt). These three countries accounted for almost 75% of all coal exports last year.
It also exports about 70% of its natural gas production. In 2024, exports of liquefied natural gas (LNG) totaled about 175.9 million megaliters, according to Statista. That equals 46.47 trillion gallons.
For crude oil, Australia produced in 2024, about 373,728 barrels per day--a figure that has been in decline since 2009. Of that it exported 18,863 barrels per day. No new fields have been discovered in recent years.
Under a new Labor government, the fossil-fuel industry likely will continue to decline, while the renewable industry will continue to rise. In 2024, renewables grew to 34% share of power generation, an all-time high, although it experienced its slowest growth rate since 2017-2018.
The Albanese government has pledged to remain on task in the Paris Agreement for climate goals following its re-election. According to the nation's Department of Climate Change, Energy, the Environment and Water, (DCCEEW) website, the greenhouse gas (GHG) emissions in 2024 were about 42.7% below 2005 levels: "This decrease puts us just shy of our legislated 2030 target of 43% below 2005 levels. The Net Zero Plan will support the government's broader policy agenda, including its ambition for a future made in Australia."
Funding for renewable projects stands at about AU$2.25 billion (US$1.46 billion), attributed to 663 projects administered by the Australian Renewable Energy Agency (ARENA). In addition to wind and solar, projects include green hydrogen and ammonia, sustainable aviation fuel (SAF), other biofuels, distributed energy resources (DER) such as rooftop solar and batteries, electric vehicle (EV) charging stations, grid investments, and others.
One positive for Australia in this result is stability: Albanese is the first Australian prime minister to win re-election in 20 years. The Labor Party now holds 85 of the nation's 150 lower-house seats, with the Liberal coalition holding just 37. A supermajority like that means the party needs no coalition, so it can govern without compromising any of its stated goals.
Perhaps most significantly, last week's elections in Australia and Canada may indicate a global shift away from the more conservative tide observed in 2024.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
