Lower prices are expected to weigh on Australia’s thermal coal export earnings over the next five years. The Newcastle benchmark thermal coal spot price is projected to average US$60–75 a tonne in real terms over the five years to 2025, down on US$76 a tonne in 2019. Seaborne imports are expected to edge down slightly, but the lack of new thermal coal projects in the pipeline should provide some support to prices. Source: Office of the Chief Economist, Australia