Federal election: Labor promises to launch critical minerals reserve in move for ‘national interest'
The Albanese Government has promised to establish a Critical Minerals Strategic Reserve that could be used as a bargaining chip in trade talks with US President Donald Trump.
Minerals held by the reserve will be made available to domestic industry and key international partners, which would likely include the United States, with the mechanism and allocations to be determined by Government, should it be re-elected on May 3.
Labor will establish the reserve in 2026 through national offtake agreements with commercial projects and selective stockpiling of key minerals.
Labor says the primary consideration for entering into offtake agreements will be securing priority critical minerals for strategic reasons.
The focus will be on a subset of critical minerals that are most important for Australia's national security and the security of our key partners, including rare earths.
A re-elected Labor Government will make an initial investment of $1.2 billion into the reserve, including through a $1 billion increase in the existing Critical Minerals Facility. This will take total investment in the Facility to $5 billion.
The prime minister said the timing is crucial given the ongoing global uncertainty.
'Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience,' Albanese said.
'I will ensure that Australia continues to produce and benefit from the resources that are essential to our national interest.
'The Strategic Reserve will mean Government has the power to purchase, own and sell critical minerals found here in Australia.
'It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand.
'This will be a national asset and our Government will use it to advance Australia's national interest.'
The announcement will be made in Western Australia on Friday,
Resources Minister Madeline King said critical minerals and rare earths are essential for reducing emissions and security reasons.
'While we will continue to supply the world with critical minerals, it's also important that Australia has access to the critical minerals and rare earths we need for a future made in Australia,' King says.
'The Strategic Reserve, combined with Production Tax Credits and the expansion of the Critical Minerals Facility shows the Albanese Government is taking the development of an Australian critical minerals industry seriously.
'And that means more investment and more jobs for Western Australia.'
Peter Dutton has hinted at using critical minerals to negotiate with Donald Trump for a tariff exemption, but the Liberal leader is yet to reveal the exact details.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
17 minutes ago
- Sky News AU
‘We don't want a full-scale war': PM urges Iran to not destabilise the region further
Prime Minister Anthony Albanese addresses the press after following the successful US strikes against Iranian nuclear facilities. The government has thrown its support behind the US and has called for dialogue and de-escalation. 'The US action was directed at specific sites central to Iran's nuclear program, we don't want escalation and a full-scale war,' Mr Albanese said. 'We do urge Iran not to take any further action that will destabilise the region.'
West Australian
22 minutes ago
- West Australian
Israel-Iran war: Anthony Albanese backs ‘unilateral' US strikes on Iran but calls for ‘de-escalation'
Anthony Albanese has backed the US strikes on Iranian nuclear facilities — a day after they took place — but it appears Australia did not know about the military plans in advance nor had any involvement. The Prime Minister repeatedly said the strikes were 'a unilateral action by the United States' during a short press conference on the matter in Canberra on Monday. 'We are up front, but we don't talk about intelligence, obviously, but we've made it very clear this was unilateral action taken by the United States,' he said when asked whether the Government had seen intelligence showing Iran was imminently at the point of developing a nuclear weapon or whether the Pine Gap signals facility was used to aid the attack. He reiterated calls for de-escalation and for Iran to return to the negotiating table. 'We are deeply concerned about any escalation in the region, and we want to see diplomacy, dialogue and de-escalation,' he said. 'Iran didn't come to the table, just as it has repeatedly failed to comply with its international obligations. We urge Iran not to take any further action that could destabilise the region.' British Prime Minister Keir Starmer has revealed the US gave the UK a heads-up about the strikes shortly before they took place. Mr Albanese said that was because the UK has been involved for many years in negotiations with Iran. He would not directly answer multiple questions about whether Australia had similarly been given advance notice. 'We aren't a central player in this conflict. That's just a fact,' he said. He also revealed that he is still yet to speak to Donald Trump since the US President cancelled a meeting when he left the G7 early to deal with the Middle East conflict.
West Australian
22 minutes ago
- West Australian
JB Hi-Fi pays $13.5m to settle The Good Guys promotions lawsuit
Retail giant JB Hi-Fi has agreed to pay a $13.5 million fine to settle allegations that certain store promotions at The Good Guys were misleading and deceptive. The company, which owns the discount white goods and electronics warehouses, has also agreed to a remediation program for some customers. The Australian Competition and Consumer Commission started legal action against JB Hi-Fi in Federal Court in July last year over certain store credit and StoreCash promotions, alleging they violated consumer law. The Good Guys promised to provide customers with store credit for buying goods — such as $50 in StoreCash for a $500 purchase — but the retailer didn't disclose they also had to opt-in to receive marketing communications, the ACCC said at the time. The retailer also didn't adequately mention the credits expired quickly, mostly within seven and 10 days, the ACCC said. 'We are concerned that as a result of the alleged conduct, consumers may have purchased products from The Good Guys which they might not have done otherwise,' ACCC chair Gina Cass-Gottlieb said when it launched court proceedings. 'Businesses should be on notice that promotional conditions must be prominently disclosed to consumers, rather than buried in hard-to-find locations, or they risk enforcement action under the Australian consumer law.' The ACCC said 116 promotion ran from July 2019 to August 2023. 'The Good Guys takes its compliance with the law very seriously and has worked co-operatively with the ACCC to resolve the matter,' JB Hi-Fi said in a statement on Monday. 'The Good Guys has always sought to provide value and benefits to its customers and has always prided itself on its high levels of trust with consumers.' JB Hi-Fi has also agreed to contribute $200,000 to the ACCC's court costs. The ACCC said the agreement was subject to Federal Court approval and full details of the outcome would be made public when the court announced its judgment.
