Australia's quarterly resources and energy outlook has been delayed for the first time owing to "extreme volatility" caused by the US-Israel war against Iran, which is rendering forecasts out of date, a government spokesperson told Reuters on April 10.

The delay comes as Australia's government faces growing calls for a windfall tax on liquefied natural gas (LNG) export profits while some miners struggle to secure diesel supplies.

The Resources and Energy Quarterly (REQ) is published by the Office of the Chief Economist and includes three, two-year outlooks for Australia’s major mining and energy exports and one macro five-year outlook. They were due in late March but will now be released at the end of June.

“The five-year forecasts on Australian resource and energy production and exports have therefore been delayed until around the end of June to allow a clearer picture to emerge on the geopolitical, economic and trade backdrop,” the spokesperson from the Department of Industry, Science and Resources said.

The publication typically covers Australia’s historic, current and expected exported volumes and value of its major commodities while looking at wider global demand drivers, or new sources of demand.

Its forecasts are inputs for the federal budget, which is due in May.

Canberra published its last REQ in mid-December which forecast export earnings from mining and energy would fall 5% to A$369-billion, or $260-billion in 2025/26 year-on-year, with a further fall to A$354-billion the following year.

The nation is expected to see a huge uptick in LNG earnings owing to the recent oil price surge, since more than 75% of exports are linked to the oil price, typically with a three-to-six month lag. Remaining spot cargoes are also being sold for record prices, however, the price of diesel is contributing to a rise in production costs for some miners.

That surge in revenue has caused some groups to call for a 25% tax on LNG super profits. The ABC reported last month Australia’s Treasury was looking into a tax but Canberra has not confirmed this.

Oil prices rose by a record 50% in March and fell by close to $20 a barrel on Wednesday after US President Donald Trump announced a two-week ceasefire. Prices have since rebounded somewhat, driven by fresh anxiety over the fragile peace deal, supplies from Saudi Arabia and as tanker traffic through the critical Strait of Hormuz remained largely frozen.

The government has faced growing criticism over energy security planning due to the country's high reliance on imported refined fuels, which have seen significant price hikes and supply disruptions since the outbreak of the Iran war in late February.