Budget provides boost to critical minerals
The recently released Federal Government’s Budget has outlined key measures to promote energy security and a low-carbon future.
The Federal Budget includes significant funding for the critical minerals industry, which is crucial for the transition to a low-carbon future.
Federal Resources Minister Madeleine King highlighted the importance of critical minerals in a statement.
“Critical minerals including rare earths are crucial components of low-emissions technologies such as batteries, electric vehicles and solar panels,” she said.
“They will be increasingly important to global efforts to decarbonise and reach Paris commitments.”
The Federal Budget includes $57.1m for the established Critical Minerals International Partnerships Program and $21.1m to ensure the ongoing operation of the Critical Minerals Office.
The Federal Government is also providing $2.2m for the Treasury to track compliance in the critical minerals sector.
Minister King emphasised the importance of the critical minerals industry in achieving net-zero emissions, stating,
“Australia has vast reserves of critical minerals,” she said.
“Building the sector by generating new downstream industries and diversifying global supply chains will help Australia achieve net-zero commitments.”
The Federal Budget’s focus on the critical minerals industry is a significant boost for the sector, which will play a crucial role in the transition to a low-carbon future.
The increased funding will support the development of new downstream industries and diversify global supply chains, creating new opportunities for the industry and supporting Australia’s net-zero commitments.
“Australia’s new critical minerals strategy will outline how the country can leverage its critical minerals to meet global demand for clean energy while still creating new industries and jobs in Australia,” said Minister King.
The strategy is set to be a crucial roadmap for the critical minerals industry and will help ensure that Australia remains at the forefront of the global race to net zero.
The Federal Government’s support for the critical minerals industry is part of its broader vision for a low-carbon future.
The budget also includes funding for the development of a Future Gas Strategy, a review of the environmental management regulatory framework for offshore petroleum and greenhouse gas storage activities, and ongoing support for the economic development of Northern Australia.
The Federal Budget’s significant funding for the critical minerals industry highlights the government’s commitment to a low-carbon future and the crucial role that the industry will play in achieving this goal.
“Our vision is for an Australian resources sector that continues to grow national prosperity, supports jobs and opportunities, and drives the global transformation to net zero,” said Minister King.
