In a time of continuing global economic uncertainty, it’s more important than ever for Australia to build our self-reliance and invest in our economic resilience.
That’s what our Government’s vision for a future made in Australia is all about: a stronger, more diversified economy with greater opportunity and security for all.
Realising this vision requires us to seize the unique opportunities and natural advantages that can see Australia lead the world.
This is why, after Cabinet met in Darwin last Wednesday, we committed $840 million to help deliver Australia’s first combined rare earths mine and refinery in the Northern Territory.
An investment of this scale will not only create more than 300 jobs in industries of the future, but it will play a vital role in securing Australia’s place as a renewable energy superpower.
Rare earth elements are becoming more and more common in our everyday lives. If you’re reading this article on a smartphone or a tablet, they’re in the screen. The same goes for your smart TV.
When it comes to the technology that the world is investing in to cut pollution, whether it’s electric vehicles or wind turbines, rare earths are absolutely essential.
So is lithium. That’s why we’re also backing the Kathleen Valley Lithium Project in Western Australia with a $230 million investment to help lock in the final construction stages of the project. Creating nearly 1000 jobs, from engineering to electricians, to heavy machinery operators and geologists.
Extracting and exporting resources has always been a great strength of the Australian economy. In this new era of critical minerals, we must look to add new value and create new jobs by boosting our processing and manufacturing capabilities. Making this opportunity count, by making more things here in Australia.
By tapping into some of the largest critical minerals deposits on earth, we open the door to creating the crucial technologies needed to underpin not only the energy sector, but also national security and medicine.
The commitments we made last week in the Northern Territory are part of our ongoing investment in jobs in northern Australia and in regional Australia. They speak for my determination to build an economy that works for every part of our country and to lead a government for all Australians. This is also why Cabinet has met in every State and Territory.
Whether it’s resources like critical minerals and rare earths, or the flow-on jobs in everything from manufacturing to research, regional Australia will be central to Australia’s success in the decade ahead. It’s so important that the communities of regional Australia share in the benefits with the housing, skills, services and infrastructure that boost economic opportunity and quality of life.
Of course, for Australia to seize our opportunity to become a renewable energy superpower, we need to compete and win on the world stage. This means building stronger partnerships with major international markets.
We have engaged with the United States Inflation Reduction Act and have doubled our investment in the Critical Minerals Facility.
We are already working closely with Germany on hydrogen production. Germany has recognised that Australia has some of the best natural conditions in the world to produce green hydrogen, and they have the technology to help us do it.
Earlier this month at the ASEAN-Australia Special Summit, the leaders in our region reaffirmed their commitment to action on climate change.
We announced the Southeast Asia Investment Financing Facility to drive two-way investment in areas like clean energy and infrastructure. In the past, we were not always seen as having complimentary export markets without Southeast Asian nations, but that is no longer the case.
My Government knows investing with our neighbours is key to prosperity and security in the region.
The world wants the resources which Australia has in abundance but we all know that our nation has so much more to offer: from world-leading science and research to a manufacturing workforce with world-class skills.
This is a time of great change and transformation in the global economy, it’s also a moment of extraordinary opportunity for Australia. Our Government knows that by building on our strengths and investing in our people, we can make this moment our own.
This is our vision for a future made in Australia, made the Australian way.
This opinion piece was first published in on Monday, 18 March 2024.
