Australia Delays Resource and Energy Report Amid Volatility

Australia's government has postponed the release of its 'Resources and Energy Quarterly' report due to extreme volatility caused by the U.S. and Israel's conflict with Iran, according to a government spokesperson on Friday. The report, initially scheduled for release at the end of March, will now be published by the end of June. According to Jin10, the report, issued by the Office of the Chief Economist, provides a three two-year outlook and a five-year macroeconomic forecast for the country's major mineral and energy exports. It typically includes historical, current, and projected export volumes and values of key commodities, analyzing global demand drivers and new demand sources. These forecasts are crucial for the federal budget, which is expected to be released in May. Recent surges in oil prices are anticipated to significantly boost Australia's liquefied natural gas (LNG) revenue, as over 75% of LNG exports are linked to oil prices with a typical lag of three to six months. Remaining spot cargoes are being sold at record prices, although rising diesel prices are increasing production costs for some miners. The revenue surge has led some groups to call for a 25% tax on LNG 'windfall profits.' Last month, reports indicated that the country's treasury was examining related tax measures, but the government has yet to confirm any plans.