Australia’s liquefied natural gas (LNG) export earnings are forecast to decline from $65 billion in 2024–25 to $47 billion by 2026–27. The earnings forecast has been revised down from the September 2025 REQ due to lower forecast oil prices.

New supply from the US and Qatar is forecast to push down LNG spot prices from US$12.50/MMBtu in 2025 to around US$11/MMBtu by 2027. Prices remain highly vulnerable to geopolitical disruptions, delays in new project developments and weather events.

Falls in LNG export earnings are largely price driven in the short term. But gradual depletion at some reserves could weigh on volumes over the longer term.

(source: https://www.industry.gov.au/publications/resources-and-energy-quarterly-december-2025)