War Impact Forecasting Framework Australia Delays Release of Energy Outlook Report for the First Time

A spokesperson for the Australian government said on Friday that due to the "extreme volatility" caused by the US-Iran war, predictions quickly became outdated, and the country's "Resources and Energy Quarterly" report is being delayed for the first time. The report, originally scheduled to be released at the end of March, will now be delayed until the end of June. The "Resources and Energy Quarterly" report is published by the office of the Chief Economist, covering three two-year outlooks for the country's major mineral and energy exports, as well as a five-year macroeconomic outlook. The report typically includes historical, current, and expected export volumes and values of major commodities, while also analyzing global demand drivers and new sources of demand. Its forecasts are also an important reference for the federal budget, which is expected to be released in May. Due to recent surges in oil prices, Australia's liquefied natural gas income is expected to increase significantly, as over 75% of LNG exports are linked to oil prices, usually with a 3 to 6 month lag. Remaining spot goods are also being sold at record prices, but rising diesel prices are increasing production costs for some mining companies. The surge in income has prompted some groups to call for a 25% tax on "excessive profits" from LNG. There were reports last month that the country's Treasury Department is studying related taxes, but the government has not yet confirmed this.