PM pledges minerals reserve amid 'global uncertainty'
The prime minister will detail plans for a re-elected Labor government to establish a critical minerals strategic reserve, which would stockpile large amounts of mining products and rare earth materials.
The announcement will be made while campaigning in the mining state of Western Australia on Thursday, where large swings at the 2022 election granted victory to Labor.
The strategic reserve would generate money for Australia through the sale of minerals on global markets to allies.
Stockpiles of the minerals would be set aside from commercial projects through contracts.
Labor has promised to spend $1.2 billion on setting up the reserve.
A critical minerals reserve had been floated as potential leverage against US President Donald Trump following his 10 per cent tariffs imposed on Australia.
The prime minister said the reserve would help provide national stability and make the most of natural resources.
"In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience," Mr Albanese 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."
Mr Albanese is also set to give a speech and take questions at The West Australian's Leadership Matters event on Thursday morning.
The prime minister flew into WA on Wednesday, making his way straight to Collie, south of Perth, to campaign at a battery storage facility.
He took aim at the coalition for pledging to build a nuclear reactor in the coal-mining community, despite Opposition Leader Peter Dutton not visiting the area during the election campaign.
"You would think that there was radiation coming from these sites, because he just won't come and won't talk about what his plans actually are," he said.
Mr Albanese also visited a pre-poll centre in the electorate of Canning, which the coalition holds by a 1.2 per cent margin.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
6 hours ago
- Sky News AU
‘The opposite happened': Economic roundtable could dissuade Australians from investing
LNP Senator James McGrath discusses Labor's economic reform roundtable, urging that it will dissuade Australians from investing in the 'productive part of the economy'. 'What the Labor Party doesn't realise is that if people start to cotton on to the fact that Labor is going to come after the money they've worked so hard for, people will no longer invest in the productive part of the economy,' Mr McGrath told Sky News host Steve Price. 'You only have to look at what's happening in the UK at the moment, with the Labour Party there, taxing what's called 'non-doms'. 'They thought they were going to bring billions of pounds of revenue … the opposite happened.'
Sky News AU
6 hours ago
- Sky News AU
‘Australians should be worried': Labor's economic reform roundtable is ‘bonkers'
LNP Senator James McGrath discusses how Australians should be worried about Labor's economic reform roundtable, saying it is 'bonkers' and will only produce 'hair-brained ideas'. 'Australians should be worried,' Mr McGrath told Sky News host Steve Price. 'Those who own their own homes, are of pensionable age, should be worried about organisations, so-called think-tanks, like the Grattan Institute coming up with quite frankly hair-brained ideas like this. 'This is bonkers.'
7NEWS
10 hours ago
- 7NEWS
The Issue with Tim Lester: 7NEWS sits down with the Ukraine's ambassador to Australia Vasyl Myroshnychenko
For Vasyl Myroshnychenko, going home is always going to be a hell of a trip. 'Overnight, it was just a massive drone and missile attack,' he says, telling how he was jarred in and out of sleep by explosions. 'So it was one of those tough nights.' The 44-year-old has been Ukraine's Ambassador in Australia since March 2022, taking the job in the days after Vladimir Putin's forces invaded his country. In the years since, Myroshnychenko has been a regular traveller between his work in Canberra and his long-term home in Kyiv. I spoke with him by video call in his Kyiv apartment, in the middle of his ninth trip back as Ambassador. With each trip, there's news on the war's toll. This time, Myroshnychenko learns about a hometown classmate who vanished two years ago. A DNA test on remains, recently discovered, has only just confirmed his death. His burial was held two days before my conversation with the Ambassador. 'And he's got two kids, his wife left behind. And there are numerous stories like that,' he said. For Myroshnychenko, it's critical Australians care about Ukraine's fight to turn back the Russian invasion. 'You're invested in the deterrence,' he said. 'Russians are conducting joint naval military exercises with Indonesia. 'They requested Indonesia … grant them access to an airfield in Papua. 'How far is Papua from Cairns? It's just around the corner. 'They wanted to have their strategic bombers.' He's referring to the controversy that erupted in April, mid-federal election campaign in Australia, with claims Russia had asked Indonesia to base long-range military aircraft at a military airfield in Papua, North of Darwin. Indonesia quickly reassured the Albanese Government that any such request would be turned down. The underlying concern — around Russia's long term plans in Australia's region — was left unaddressed. For Myroshnychenko, Russia's behaviour in Ukraine tells us all we need to know about its intentions. Worse, he argues, it is leading the way to anarchy. 'If Russia can get away with what they've done because they've got nuclear weapons, because they're a permanent member of the UN Security Council, guess what? Everybody else can do it,' he said. 'What kind of world are we going to live in? Is it a world of a jungle where the might is right? Can Australia survive in the world of a jungle?' On the state of the war, the Ambassador says he's optimistic. 'I believe Ukraine is winning,' he said. Myroshnychenko points to Ukraine's now infamous 'Operation Spider Web'. About 117 remote-controlled drones were smuggled into Russia over an 18-month period and launched toward prized Russian strategic bombers parked at airbases across the country. The raid damaged or destroyed roughly one-third of Russia's long-range strike fleet. 'This is asymmetric warfare. This is what Australia should learn from Ukraine,' Myroshnychenko said. As Ambassador, Myroshnychenko is regularly promoting deeper contacts between Ukraine's and Australia's militaries. 'I hope you never have to fight, but if you do … because you are a smaller country … most likely your enemy will be much bigger, right?' he said. 'War is a mother of innovation. War is driving that change, is driving the transformation, one way or another,' he says. It's the silver lining Myroshnychenko sees in his country's deadly fight with Russia. 'You can assist us, but you can also benefit from us.' For more from Tim Lester and his interview with Vasyl Myroshnychenko, you can watch their full conversation for The Issue in the video above or subscribe to the podcast here.
