Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source

I thank Senator Sterle for that very insightful question and his support of the mining industry generally in Western Australia, particularly in this area of critical minerals. Cabinet was up your way last week, at Port Hedland. It was the first time cabinet had ever been into that part of beautiful Western Australia.

As senators are no doubt aware, Australia is rich in a number of the critical minerals on which the renewable energy economy will be based. We're very good at extracting minerals, but we've not always been good at capturing their true value. That's what this government is trying to change, Senator Sterle.

If we look at lithium batteries, the global market for minerals will grow from a current $2 billion to $11 billion by 2035. But if we take one more step up the value chain and refine those minerals, that market grows from $2 billion to $44 billion, some 22 times larger. Then, if we take it all the way to manufacturing the battery cells, that market—listen to this, Senator Sterle—will grow from $31 billion to $387 billion.