Anthony Albanese's $1.2bn pledge amid Donald Trump's tariff threat
This comes as Australian steel and aluminium imports have been hit with a 25 per cent levy, with other imports slapped with a 10 per cent tariff.
Anthony Albanese will on Thursday announce plans to create a Critical Minerals Strategic Reserve to secure quantities of the select minerals that will be made available for domestic projects and select international partners.
If re-elected, $1.2bn will be used to secure the initial resource stockpile, and purchases will be made according to strategic and market-conditions.
These include elements like titanium, lithium, nickel and cobalt, which are essential for the production of mobile phones, computer chips, electric vehicles, solar panels and defence technologies.
Altogether Australia has listed 31 critical minerals, and holds at least 4 per cent of the world's rare earth reserves.
The Reserve is expected to be in operation from the second half of 2026, and a taskforce will be created to consult on the design and function of the reserve.
Although the Prime Minister did not directly refer to the Trump administration in the announcement, he said the $1.2bn investment into Australia's critical mineral industry would help safeguard 'critical national assets' in 'time of global uncertainty'.
'The Strategic Reserve will mean Government has the power to purchase, own and sell critical minerals found here in Australia,' he said.
'It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand.
'This will be a national asset and our Government will use it to advance Australia's national interest.'
Resources Minister Catherine King said the boost to the industry would also drive industry and jobs in Western Australia, where Mr Albanese will spend Thursday campaigning.
'Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners,' she said.
'While we will continue to supply the world with critical minerals, it's also important that Australia has access to the critical minerals and rare earths we need for a Future Made in Australia.
'The Strategic Reserve, combined with Production Tax Credits and the expansion of the Critical Minerals Facility, shows the Albanese Government is taking the development of an Australian critical minerals industry seriously.'
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