Australia’s resource and energy exports are expected to bring in a record $349 billion (US$253 billion) in 2021-22, according to a new report by the Department of Industry, Science, Energy, and Resources. While iron ore export profits will fall amid crashing iron ore prices, surging demand for thermal and metallurgical coal will drive Australian resource and energy exports to new record levels. “Volatile weather conditions across the northern hemisphere have pushed up demand for Australian coal, and new supply chains created following Chinese import restrictions have now solidified and begun to gain the benefits of experience and scale,” the report said. “Consumers across the Asian region may also be attempting to build stockpiles given the increasing likelihood that supply tightness will persist for at least another year.” The global energy crunch has pushed coal and gas prices up to the advantage of Australian exporters. Newcastle coal prices, the benchmark for …