Jul 3, 2026 – 12.01amAustralia’s commodity exports have been upgraded by $42 billion for 2026-27 due to higher export prices from the Middle East conflict and the closure of the Strait of Hormuz, which is estimated to have delivered a $12 billion revenue boon for Treasurer Jim Chalmers’ budget.A jump in exports could lift Australia’s deteriorating goods trade balance, which reached a deficit of $3 billion in May – the lowest level in more than a decade, according to new figures from the Australian Bureau of Statistics.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles