Coal is king again.
That's Resources Minister Matt Canavan's bold declaration after new figures showed coal is set to outstrip iron ore as Australia's top export earner for the first time in almost a decade.
The value of coal exports is forecast to hit $58.1 billion in 2018/19, while iron ore is tipped to raise $57.7 billion in the same period.
"Coal will once again be king," Senator Canavan told reporters in Brisbane on Monday.
Anti-coal activists had been exposed as "the boy who cried wolf" for predicting the death of the industry, he said.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"Coal is not dead. It is alive and it is kicking strongly."
The minister said the figures strengthened the case for Adani's proposed Carmichael coalmine and the development in Queensland's Galilee Basin.
"If we don't act while prices are high, other countries will beat us to the punch," Senator Canavan said.
He called on Labor to end its "ridiculous war on coal".
Total resources exports are forecast to reach record levels in 2018/19 at $238 billion, up from $226 billion in 2017/18.
