Tracey Roberts (Pearce, Australian Labor Party) Share this | Hansard source

s ROBERTS () (): As a Western Australian, I would like to say how proud I am that Western Australia has become known as the engine room of the Australian economy and produces 57 per cent of the world's lithium.

For the record, let me remind everyone about the actions of the former government which hurt Western Australia. The Morrison government dropped the resources portfolio out of cabinet. The former government played politics with the resources sector and dropped it like a hot potato. Not only that, the former Liberal-National government previously had two resources ministers. The member for Cook appointed himself as a resources minister to overrule his own appointee, the member for Hinkler. Perhaps this is why the Critical Minerals Strategy failed to discuss net-zero and decarbonisation, or maybe why the former government did not consult anyone on the strategy. Someone might have advised them that these minerals are essential for net-zero. That must have gone against the narrative, and now they're in opposition. The Australian people rightly rejected and are right to be angry about the behaviour from the previous government, the 22 failed energy policies and the lack of action on climate change. Ten years of inflamed tensions and cheap politics—a wasted Liberal decade.

The Australian people deserve a comprehensive strategy and a national approach. The Labor government budget last month is responsible and begins to build the better future that the Australian people deserve. Australia has some of the world's largest reserves of critical minerals. The government is creating a new Critical Minerals Strategy. Unlike the former government, we will consult industry, experts and communities, including traditional owners, Aboriginal and Torres Strait Islander people, who are a core partner in mining and industry as a major stakeholder in transforming the economic and health disparity of traditional custodians and their communities.

These consultations will inform future action for the critical minerals industry. This will ensure a coordinated and collaborative approach with key stakeholders to critical minerals development. New initiatives will expand Australia's mining science technology capabilities, diversify supply chains, create local jobs and help drive growth in the critical minerals sector, including rare earth minerals, a key component of low-emission technologies such as batteries, electric vehicles and solar panels.

In the meantime, the Critical Minerals Development Program will support early­ and mid-stage critical minerals projects. It will establish the Australian Critical Minerals Research and Development Hub to help unlock our nation's critical-minerals potential. Research and development projects are often technically complex and challenging. The updated funding profile will give our scientific experts more time to develop and deliver projects, including to work with the research community and industry. This will reduce the risk in delivering the projects and ensure that they provide strong scientific and technical outcomes.

This government is setting the critical-minerals sector up for success, not for failure. It will create jobs and attract investment. Australia has some of the world's largest reserves of critical minerals but will face significant competition for the capital required to develop these assets. A recent Bank of America report shows global investment in mining needs to double—from US$80 billion per annum currently to US$160 billion per annum—in order to satisfy the growing demands from renewable energy generation and storage and electric vehicles.

The Albanese Labor government's new strategy will focus on the broad policy settings required for Australia to maximise its share of this investment opportunity, ensuring that Australia remains an attractive investment destination. The International Energy Agency projects mineral demand for use in electric vehicles and battery storage could grow at least 30 times to 2040. Australia is the world's largest lithium producer, and latest figures forecast the value of lithium exports are due to increase more than tenfold over two years, from $1.1 billion in 2021 to almost $14 billion in 2022-23, with continued growth over future years. The development of a battery industry could contribute $7.4 billion annually to our economy and support 34,700 jobs by 2030.

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