Perin Davey (NSW, National Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Minister for Resources and Water, Senator Ruston. Can the minister please advise the Senate how the Liberals and the Nationals plan to position Australia as a leading supplier of critical minerals and rare-earth elements and how this will create jobs and boost investment in the mining industries, while meeting the growing global demand for new energy technologies required in a modern economy?

Anne Ruston (SA, Liberal Party, Minister for Families and Social Services) Share this | Link to 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.

Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

Senator Davey, a supplementary question?

Perin Davey (NSW, National Party) Share this | Link to this | Hansard source

I am very passionate about Australia's growing critical minerals mining. Can the minister outline who will benefit from the government's investment in critical minerals?

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

Everybody benefits from this activity. Studies indicate that, as I said, global demand for critical minerals needed for clean technology applications is going to grow exponentially over the coming decades. Australia is well placed to become a really reliable supplier of these critical minerals. Who will benefit? It's very, very simple. Our investment will mean three key things: more jobs, more export options and a stronger economy for Australia—jobs for the next generation of engineers, tradies, apprentices who will build and operate these mines; jobs in construction and infrastructure development to help get the product to market; jobs in defence, aerospace, high-end manufacturing and other sectors that will use our critical minerals; jobs to support new and emerging technologies; and overall more support for our regional communities who supply these critical minerals to the rest of the world. In short, everyone in Australia will benefit.

Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

Senator Davey, a second supplementary question?

Perin Davey (NSW, National Party) Share this | Link to this | Hansard source

tor DAVEY (—) (): More specifically for my interests, how will the export and potential value-add of rare minerals benefit local towns and regional centres like Parkes, Cobar and the south-western districts of New South Wales where critical minerals are mined?

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

There are a number of areas in Australia that are already seeing benefits from critical minerals, such as the Parkes precinct in your home state of New South Wales, Senator Davey. The New South Wales government estimates that, through continued investment in critical minerals, more than 2,300 construction and ongoing jobs could be created for central New South Wales. The nine most advanced critical minerals projects in Australia could support 7,000 jobs and will unlock nearly $8 billion in investment for regional and rural communities alone. Australia's current battery industry is estimated to already contributed $1.3 billion to our GDP and 6,000 jobs, mostly in regional Australia. The Future Batteries Industries CRC estimated diversified battery industries could add 34,700 new jobs in Australia and $7.4 billion to Australia's economy, much of which will be to the benefit of rural and regional Australia. (Time expired)