Anne Ruston (SA, Liberal Party, Minister for Families and Social Services) Share this | Hansard source

I thank Senator Davey for her question, because Senator Davey understands that the coalition government is a government that backs our minerals and resources sector. Critical minerals and rare-earth elements are a really exciting new chapter for our resources sector, and Australia is extraordinarily blessed. We have some of the largest deposits of rare minerals and critical minerals in the world. We have the second-largest reserves of lithium, the sixth-largest rare-earths reserve and substantial reserves of cobalt, magnesium, tungsten and zirconium.

Critical minerals have a broad range of applications, as we know, ranging from things as simple as batteries in mobile phones up to things like wind turbines and even fighter jets. The application is extraordinary. That's why, as a coalition government, we are backing this sector, because we understand that the opportunity for Australia is absolutely huge. We've put together a $2 billion loan facility, the Critical Minerals Facility, which will ensure that Australia remains at the absolute forefront of the emerging opportunities in the global resources sector. Our loan facility will help unearth critical minerals and get developments off the ground. In doing so, these projects will help secure vital supplies of resources needed to drive a technology-led energy recovery. These materials can be used in advanced technologies such as renewable energy, aerospace, defence, electric vehicles, communications, telecommunications and agritech, which I'm sure Senator Davey is particularly excited about. The lithium industry alone is forecast to be worth $400 billion globally by 2030.

In addition to our Global Resources Strategy, we will also identify new markets for critical minerals and facilitate opportunities for expanding trade. We must ensure that Australia harnesses these new markets, in the interests of all Australians.