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

Australia's resources sector makes an essential contribution to the Australian economy, supporting employment, investment and exports. The sector contributes $354 billion to Australia's gross domestic product of $2.4 trillion, which is just under 15 per cent, while providing high-paying jobs to more than 250,000 Australians directly employed by the sector. Many of these jobs are in remote or regional parts of the country. Australia's resources and energy export earnings are forecast to reach $459 billion this year, surpassing last year's record of $422 billion.

Our critical minerals and rare earth elements make up critical inputs to the solar panels, wind turbines and batteries we absolutely need to reach net zero by 2050, while our coal and our gas resources provide a stable energy source to Australian households, businesses and trading partners. To reach net zero emissions by 2050, we will need more mining, not less. The mobile phones we use each and every day contain nickel mined in Kambalda and refined in my electorate, in Kwinana, and electric and hybrid vehicles on Australian roads contain lithium and rare earth elements mined in WA and across the nation.

The Albanese Labor government supports the Australian resources sector, and we understand the vital role this sector plays in achieving net zero. Following a decade of inaction by those opposite, this government's second budget provides the leadership, investment and policy certainty that this sector needs to thrive. The government is developing its future gas strategy, recognising the important role of gas in supporting Australia's energy transformation. The strategy will ensure that future gas supply meets expected domestic and international demand by drawing on engagement with states and territories and existing analysis.

We're investing $12 million to review the environmental management regime for offshore petroleum and greenhouse gas storage activities. We're ensuring Australia's regulatory frameworks are fit for purpose and deliver regulatory certainty for investors. We'll ensure that our regulatory architecture is world class and that First Nations Australians are properly consulted on decisions that impact them and their lands. The government is investing $4.5 million to develop a road map for establishing a decommissioning industry in Australia so that we can recycle, reuse and dispose of materials here. The road map will add a clear vision on which to build a world-class decommissioning industry in Australia, which means new jobs and investment in regional areas. We have a multibillion-dollar opportunity to establish an onshore decommissioning industry for offshore oil and gas infrastructure to service demand in Australia and the Asia-Pacific, and we will not waste that opportunity.

This budget includes $14.3 million to partner with the Queensland government, supporting research and development to reduce emissions in Australia's energy resources sector. Those opposite buried their heads in the sand over climate change, embarrassing Australia on the national stage and creating unacceptable uncertainty across the resources sector. The fact is that the oil and gas sector committed to net zero long before the Australian government did so. The industry is already investing billions of dollars in deploying renewables, electrification, methane abatement technologies and carbon capture and storage, and this government will play its part in supporting the sustained research and development of these low emissions technologies.

Australia has enshrined our commitment to achieve net zero emissions by 2050 into legislation, and we will meet that commitment with the resources sector. As I've said before, the road to net zero runs through the Australian resources sector. Our extraordinary endowment of critical minerals and rare earth elements will be essential to creating our new resources economy. That's why the government has committed $80.5 million to developing the sector.

Budget funding includes $57 million for the establishment of the Critical Minerals International Partnership program, which steps up our international engagement, attracts investment from like-minded partners and accelerates projects of strategic importance. This measure will build on the government's effort to connect with allies to build resilience supply chains and move into downstream processing. Over the last 12 months, the government has taken this engagement seriously, delivering a Climate, Critical Minerals and Clean Energy Transformation Compact with the US; a critical minerals investment partnership with India and a partnership with Japan; a US led Minerals Security Partnership alongside Canada, Finland, France, Germany, Japan, Korea, the EU, the UK and Sweden; and a Sustainable Critical Minerals Alliance alongside Canada, the UK, France, Germany and the US.

The government has invested $23 million to extend the operation of the Critical Minerals Office, ensuring we can keep coordinating, optimising and prioritising activities across the government to support Australia's critical minerals sector. This budget will continue to support the Australian resources sector and its enduring contribution to the energy transition, global security and national prosperity.

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