Madeleine King (Brand, Australian Labor Party, Minister for Northern Australia) Share this | Hansard source

I want to thank the member for Hasluck for her question. Just like everyone on this side of the chamber, the member for Hasluck knows the very real value of critical minerals to our national resilience and our national prosperity. These are minerals that are vital for renewable energy, defence technology and advanced manufacturing—not just EVs and iPhones and laptops but also radar systems, night-vision systems, submarines and advanced weapons. From day one of this government, the Albanese Labor government has been cementing Australia at the centre of global efforts to diversify critical minerals supply chains. As the true party of the Australian resources sector, we are developing our resources, developing our regions, building a future made in Australia and creating secure jobs here at home.

Today the Albanese Labor government is delivering the election commitment to deliver a landmark $1.2 billion Critical Minerals Strategic Reserve. The bill that was introduced earlier today will make the critical minerals reserve operational well ahead of schedule, while at the same time securing the all-important liquid fuel and other commodities in that wider strategic reserve. I thank the Minister for Climate Change and Energy for the work he and his team have done in relation to the strategic reserve. For the critical minerals part of this reserve, it will allow us to immediately bring forward the great body of work we have commenced with partners like the United States, Japan, the Republic of Korea, Canada and the European Union. Export Finance Australia will have a suite of new financial tools, including offtake agreements with fixed or floating prices, to enable new projects to get off the ground, providing much needed price certainty and, really importantly, more jobs right across the country in critical minerals.

This government is making the most of our amazing geology, and our committed resources workers and our committed resources sector, by making more things here. This will strengthen our ability to collaborate with international partners and the private sector to diversify global supply chains. We are using our unique geology to advance the national interest. We will initially focus on antimony, gallium and rare earth elements, which are all needed for our national resilience and national security.

I agree with the United States Vice President, who said:

… the international market for critical minerals is failing … driven … by forces beyond any individual country's control.

The Critical Minerals Strategic Reserve helps us take back control of Australia's critical minerals so we can construct deals and trading arrangements in the national interest from a position of strength. I know the opposition have said they will support the strategic reserve. They failed to support production tax credits for critical minerals, so I hope their support of this really important initiative holds.

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