Australia’s gold industry has cemented its position as the nation’s second-largest resource export, overtaking combined coal and liquefied natural gas (LNG) export earnings for the first time in more than six decades.
The rise comes as elevated prices and stronger export volumes boost the sector’s contribution to the economy.
According to the June 2026 Resources and Energy Quarterly from the Department of Industry, Science and Resources, Australian gold generated an estimated $68.4 billion in export earnings during the 2025-26 financial year, trailing only iron ore at $116.6 billion while surpassing combined coal exports of $67.6 billion and LNG exports of $59.4 billion.
According to the World Gold Council (WGC), this was the first time gold has ranked as Australia’s second-largest resource export since the early 1960s, apart from a brief resurgence in 1987.
Higher prices and increasing export volumes are expected to strengthen the sector further, with gold export earnings forecast to reach $73.1 billion in 2026-27.
That would again place gold ahead of combined coal exports, forecast at $69.8 billion, while narrowing the gap with iron ore, which is expected to generate $107.7 billion.
WGC head of APAC ex-China and global head of central banks, Shaokai Fan, said the milestone reflected Australia’s status as one of the world’s leading gold producers and highlighted the industry’s growing contribution to the national economy.
“Gold has long been a major part of Australia’s economic story, but its rise to the second-largest resource export underscores just how important the sector remains today,” he said. “Australia is the world’s third-largest gold producer behind China and Russia, globally recognised for its technical expertise, strong governance and responsible mining practices.
“There is no denying that robust demand and a higher gold price have lifted its place on the export ladder, but Australian gold’s enduring strength is far more than a demand story. It is a testament to the nation’s world-class geology, mining capability, capital markets, skilled workforce and regulatory stability.
“Australia has established itself as a benchmark for how a modern gold industry can create value through exports and investment as well as through jobs, local procurement, government revenues and support for regional communities.”
The council said the industry’s economic contribution extended well beyond exports. Its member companies made almost US$7.9 billion in direct in-country payments during 2024, including US$5.6 billion to Australian suppliers, US$1.2 billion to governments and US$1.1 billion to nearly 15,000 employees and contractors, while annual community investments totalled US$30 million.
Fan stated that maintaining confidence in the global gold market would become increasingly important as governments and investors sought reliable sources of growth and diversification.
“As gold’s strategic importance continues to grow, building trust and confidence in the global gold value chain remains essential. Continued collaboration across industry, governments and stakeholders can help ensure gold continues to deliver lasting economic and social benefits for communities around the world,” he added.
“Australia is well placed to continue benefiting economically and socially from gold as institutions and investors seek trusted and diversified sources of economic growth and resilience in an increasingly complex world.”
