The Australian Bureau of Statistics (ABS) yesterday released Mineral & Petroleum Exploration data, which revealed a continued easing in mineral exploration expenditure following the peak levels recorded in the March quarter of 2012. By contrast, petroleum exploration expenditure surged to an all-time high over the quarter.
Nationally, expenditure on minerals exploration fell by a seasonally-adjusted -$56.5 million (-6.7%) in the December quarter, which followed falls of -$147.7 million (-14.9%) and -$73.8 million (-6.9%) respectively in the September and June quarters.
Falls were broad-based, with all states and territories experiencing cuts to mineral exploration expenditure over the quarter (see next chart).
The falls in mineral exploration expenditure were also broad-based across the various components. Gold exploration fell by -$31.7 million (-16.3%) over the quarter, coal by -$21.4 million (-12.5%), selected base metals by -$6.5 million (-3.9%), iron ore exploration by -$2.1 million (-0.7%), and all others by -9.1 million (-11.1%):
In contrast to the decline in mineral exploration, petroleum exploration expenditure increased to a record seasonally-adjusted high of $1,325 million in the December quarter of 2012, up $198 million (17.5%) on the September quarter, with Western Australia accounting for 73% of the total (see next chart).
