Tim Ayres (NSW, Australian Labor Party, Assistant Minister for Trade) Share this | Hansard source

I suppose, with the greatest respect, that what the question really reveals is a lack of understanding about the investment timelines of these kinds of projects. They're not small projects; they're very substantial manufacturing projects. Treasury estimates suggest that Australia will produce an additional amount of more than 2½ million tonnes of refined critical minerals output over the life of the policy. By 2039-40, the critical minerals production tax incentive will have supported estimated production of around 10 million tonnes of refined critical minerals. This is a substantial reindustrialisation of our economy. It is value-adding.

Our mining sector is very important for the Australian economy. It's very important for our industrial capability. Our mining capability is leading edge. Often people position our interest in future manufacturing and mining as if they are somehow mutually exclusive. The truth is it is absolutely in Australia's interest that we add more value here and capture more of the value here in Australia to build a stronger Australian economy, a stronger industrial capability, and that's what the critical minerals production tax incentive will deliver. Of course, there will be substantial economic benefit flows in supply chain terms and other terms from that kind of investment.