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Senator says the breaking of the drought and improvement in commodity prices contribute to his department's optimistic economic forecasts.

MARC DAWSON: Trade Minister, Bob McMullan, has forecast a boom in Australian grain exports. Finance reporter, Tanya Peterson, says the Minister believes wheat sales will increase by up to $500 million a month by early next year.

TANYA PETERSON: This comes with the release of figures showing prices received by Australian farmers increased more than 11 per cent last financial year. Addressing an exports dinner in Melbourne last night, Senator McMullan said one of the main reasons for his department's optimistic forecasts for the economy is the breaking of the drought. During the drought, Australia lost overall exports worth $2 billion and Senator McMullan says that's now starting to turn around. The Trade Minister says exports in Australia's resources sector are also looking up and both factors augur well for our current account deficit.

BOB MCMULLAN: The breaking of the drought and the improvement in those commodity prices will contribute to the gradual improvement that I think most intelligent forecasters foresee over the next months and into next year.