GE global boss Jeff Immelt announced today he expected the industrial giant to quadruple its employees in Australia over the next two years – from 500 to around 2000.
This chart in a government report today shows some of the reason GE is moving to expand so rapidly in Australia.
Exports of Liquefied Natural Gas, or LNG, are expected to rise at an average rate of 36 per cent a year between 2014-2015 and 2017-2018 to reach 88 million tonnes in 2017–18, says the Bureau of Resources and Energy Economics.
LNG Exports will be worth an estimated $61 billion by then, the Bureau estimates.
The BREE says this will make LNG Australia’s second-highest export earner, after iron ore.
Other key points from the report:
- energy export earnings are set to decline to $186 billion in the current financial year, but grow in the medium-term
- mineral export earnings in real terms should peak in 2014-2015 due to falling prices
- export volumes of iron and coal are expected to continue to grow until 2018
More at the Bureau’s website.
NOW READ: Iron Ore’s End ‘Closer Than We Thought’
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