Jerome Laxale (Bennelong, Australian Labor Party) Share this | Hansard source

As members of the government know all too well, the road to net zero emissions is paved with Australia's rich resources. Beneath our vast land lies a treasure trove of critical minerals—minerals the world desperately needs to power the renewable energy technologies of tomorrow.

Australia is blessed to be one of the word's largest exporters of lithium and the third-largest producer of cobalt. These minerals, along with others like nickel and rare earth elements, are the backbone of the global transition to renewable energy. However, our role in this transition cannot and should not be limited to merely extracting these resources and shipping them overseas. We simply must do more than just dig up stuff and put it on a boat; we've been doing that for way too long.

Under Labor, we want to do more onshore because it'll grow our economy and create jobs here at home. That's precisely what the Albanese government's $17 billion critical minerals production tax incentive is designed to achieve. This incentive is a game changer for industry and for onshore processing of critical minerals. It's a forward-thinking initiative that will drive investment into our critical minerals sector. It'll create secure, well-paying jobs that will support local communities and build industries critical for the future of the global economy. Our policies are about ensuring Australia becomes not just a supplier of raw materials but a leader in the global supply chain for renewable energy technologies. Our production tax credits are a targeted smart use of our tax system to solve big problems, leverage our competitive advantage and enhance Australia's prosperity. If companies don't process these critical minerals onshore, they don't receive a tax credit; it's as simple as that.

This low-risk approach will grow our critical minerals industry and create jobs for future generations. But, as usual, the Liberals and Nationals seem unable to decide whether or not they support Australian jobs, Australian manufacturing and the Australian critical minerals sector. The Leader of the Opposition has been flying back and forth across the country, saying one thing in Western Australia and another on the east coast. His best mate, the shadow Treasurer, has made his opposition to this policy clear, effectively turning his back on the critical minerals sector that is so crucial to our nation's decarbonised future. They claim to support the resources sector in one breath only to undermine it in the next. This duality shows just how out of touch they are with the realities of the industry and the needs of our nation.

Unlike those opposite, our government has been consistent in its support for the critical minerals sector. Whether on the west coast, the east coast or anywhere else, our message is the same: we will back Australia's critical minerals industry to thrive, create jobs and help decarbonise the world, because the global demand for critical minerals is surging. The world needs lithium, our cobalt and nickel and other minerals to produce batteries, wind turbines and solar panels that are essential for the global transition to clean energy. This presents a golden opportunity for Australia to cement its place in the world as a renewable energy superpower.

Our free trading partners, like the United States, Japan, Korea, India and the UK—even the EU—are all racing to diversify their sources of critical minerals. They are seeking reliable partners who can ensure the resilience of global supply chains. Unlike the Liberals and Nationals, Labor is stepping up to meet this challenge. We're strengthening our strategic partnerships with our allies through the Australia-United States Climate, Critical Minerals and Clean Energy Transformation Compact, which includes a ministerial level taskforce to drive collaboration in this space. Our government won't sit by and ignore this vital part of our resources sector, as those opposite did for a decade; we will unashamedly support critical minerals processing onshore so that our nation can capitalise on this golden opportunity to create good, well-paid jobs here in Australia and ensure that Australia remains at the forefront of the global transition to renewable energy.

We are at such an important juncture here. We can go down the path of the opposition and not support our critical minerals sector and not support local manufacturing, and, along with it, miss out on all the opportunities that will present themselves, or we can invest in a future made in Australia. We can invest in the jobs of the future and we can help the world decarbonise.

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