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.
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