According to the latest quarterly report released by the Australian Department of Industry, the commissioning of new LNG projects is set to cushion the damage being done to the country by the collapse of coal and iron ore prices. The report said about A$5 billion (US$3.6 billion) would be wiped off Australia's exports next financial year as the prices for most resources continue to fall, but LNG exports, which were estimated at A$18 billion (US$13.1 billion) in 2014/15 will jump to $24.4 billion (US$17.8 billion) in 2015/16.
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