Australia's mining and energy export earnings are anticipated to decrease by 6% in the current financial year, mainly because of a drop in prices for iron ore shipments, as per the announcement by the government on Monday. The Department of Industry stated that profits are expected to decline from A$415 billion to A$387 billion due to lower U.S. dollar prices for resource and energy exports. The forecasted decrease is less than the 10% decline estimated in December. The report suggests that there may be additional slight drops in earnings over the next five years, stabilizing around A$343 billion towards the end of that period. Australia's energy export values are returning to more moderate levels after reaching exceptionally high levels in 2021-22 and 2022-23. The increased prices during that time frame, attributed to factors such as the COVID-19 pandemic, adverse weather, and geopolitical events, led to a surge in energy supply. The report also mentions that iron ore will continue to be a significant component of Australia's commodity exports; however, it predicts a decrease in prices for this key material due to increased global supply growth and reduced demand from China. Iron ore exports from Australia's Port Hedland to China, which is an indicator of Chinese industrial activity, declined by 14.8% in February.