SUMMARY COMMENTARY


MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


TOTAL EXPENDITURE

The trend estimate for total mineral exploration expenditure was relatively unchanged 0.0% (-$0.1m) to $355.6m in the March quarter 2016. The largest contributor to the fall in the trend estimate this quarter was Queensland (down 10.5%, -$6.5m). The current quarter estimate is 5.7% lower than the March quarter 2015 estimate.

The seasonally adjusted estimate for mineral exploration expenditure fell 4.7% (-$17.0m) to $344.1m in the March quarter 2016. The largest contributor to the fall this quarter was Queensland (down 24.4%, -$15.8m).

In original terms, mineral exploration expenditure fell 24.1% (-$92.0m) to $290.0m in the March quarter 2016. Exploration on areas of new deposits fell 17.9% (-$19.0m) and expenditure on areas of existing deposits fell 26.4% (-$73.0m).

In original terms, the largest decrease by minerals sought came from expenditure on coal (down 63.1%, -$40.0m). Another large decrease came from expenditure on gold (down 13.7%, -$18.9m).

METRES DRILLED

The trend estimate for metres drilled rose 5.2% in the March quarter 2016. The current quarter estimate is 13.2% higher than the March quarter 2015 estimate.

The seasonally adjusted estimate for metres drilled rose 4.1% in the March quarter 2016.

In original terms, metres drilled fell 22.7%. Drilling in areas of new deposits fell 30.5% and drilling in areas of existing deposits fell 19.8%.

PETROLEUM EXPLORATION


TOTAL EXPENDITURE

The trend estimate for total petroleum exploration expenditure fell 12.8% (-$61.8m) to $420.1m in the March quarter 2016. Exploration expenditure on production leases fell 18.6% (-$20.9m), while exploration expenditure on all other areas fell 7.8% (-$28.8m).

The seasonally adjusted estimate for total petroleum exploration expenditure fell 3.1% (-$14.2m) to $441.3m in the March quarter 2016. Exploration expenditure on production leases fell 44.6% (-$55.6m) and exploration expenditure on all other areas rose 12.5% ($41.5m).

The largest contributor to the decrease in the trend estimate was Western Australia (down 5.9%, -$21.2m) and the largest contributor to the fall in the seasonally adjusted estimate was South Australia (down 39.3%, -$15.7m).

ONSHORE

The trend estimate for onshore petroleum exploration expenditure fell 32.0% (-$44.6m) to $94.8m in the March quarter 2016. Expenditure on drilling fell 46.5% (-$31.5m), while other onshore petroleum exploration expenditure fell 16.9% (-$12.1m).

The seasonally adjusted estimate for onshore petroleum exploration expenditure fell 27.5% (-$36.4m) to $96.2m in the March quarter 2016. Expenditure on drilling fell 15.5% (-$8.7m), and other onshore petroleum exploration fell 36.3% (-$27.7m).

OFFSHORE

The trend estimate for offshore petroleum exploration expenditure fell 4.2% (-$14.4m) to $327.8m in the March quarter 2016. Expenditure on drilling rose 1.2% ($2.8m), while other offshore petroleum exploration expenditure fell 15.4% (-$17.2m).

The seasonally adjusted estimate for offshore petroleum exploration expenditure rose 6.9% ($22.3m) to $345.2m in the March quarter 2016. Expenditure on drilling rose 27.9% ($57.3m), and other offshore petroleum exploration expenditure fell 29.8% (-$35.0m).

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
June 2016	05 September 2016
September 2016	28 November 2016
December 2016	27 February 2017
March 2017	29 May 2017

CHANGES TO THE CURRENT ISSUE

• There are no changes to the current issue.

CHANGES IN THE NEXT ISSUE

• Tables 1 of this publication includes both Expected Expenditure for Mineral Exploration and an Expected Adjusted series. The Expected Adjusted series was intended to produce a more reliable indicator of expected expenditure, but subsequent improvements to editing and imputation procedures have made the Expected Adjusted series unnecessary. As such, the Expected Adjusted series will be discontinued and removed from Table 1 from the June quarter 2016 publication. For more information please contact Ben Faulkner on 02 9268 4052 or by email ben.faulkner@abs.gov.au

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