Australian Prime Minister Anthony Albanese has emphasised the resource sector's integral role in the country's economic prosperity and its contribution to a sustainable, low-carbon future, during his Minerals Week address.
Albanese highlighted Australia's dominant position in global markets as a "resources superpower", asserting that the nation is the top exporter of commodities like iron ore, lithium, liquefied natural gas (LNG) and metallurgical coal.
The Prime Minister introduced the A$15 billion National Reconstruction Fund, to invest in areas like green steel and aluminium, clean energy component manufacturing, hydrogen electrolysers and fuel switching.
A$1 billion of this fund will be dedicated to mining science technology and minerals processing, aimed at moving the country further up mineral value chains.
What's more, Australia is the world’s largest exporter of the raw materials necessary for clean energy technologies as the country aims to be a "renewable energy superpower".
Great national success story
"Every Minerals Week is a chance to celebrate a great national success story," stated Albanese, praising the sector for driving economic growth and job creation for generations.
"For generations, your industry has driven economic growth, created good jobs, lifted living standards and fostered innovation and productivity," he said.
Albanese called out the sector's ongoing initiatives to sustainably power their operations, mentioning that Rio Tinto’s investment in wind and solar farms in Queensland and BHP’s Nickel West refinery at Kwinana, which will be supplying processed nickel to Tesla (NASDAQ:TSLA).
The crucial ingredient that the fastest-growing economies in human history have in common is Australian minerals.And just as Australian minerals have made so much of the present possible, they will be at the heart of building our better future.
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— Anthony Albanese (@AlboMP) September 4, 2023
“Win the race together”
Concluding his address, Albanese reiterated the government’s commitment to collaborating with the resource sector.
"I’m hoping that all of you no longer need to think of this as acting ‘in spite of’ government and instead we can view it as the chance to win the race together," he urged.
This call to unity emphasises the need for a concerted effort to face both domestic and global challenges, from reducing the carbon footprint of resource extraction to seizing the growing opportunities in renewable energy technologies.
His words offer a roadmap for how the industry can serve as a foundation for next-generation growth, while also aligning with global sustainability goals.
The address underscores the government's commitment to fostering innovation and collaboration in an industry that is not merely a part of Australia's past but is crucial to its future.