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Australia’s budget will feature a bigger boost for the nation’s critical minerals industry, Treasurer Jim Chalmers said, describing the lucrative market as a “golden opportunity” just days ahead of releasing his annual fiscal blueprint.
Australia’s critical minerals industry is a major part of the government’s push to capitalize on the worldwide green energy revolution. Major powers including the US are keen to use Australian battery minerals as part of an effort to break reliance on Chinese supply for the materials, which are used in the production of solar panels, electric vehicles and lithium-ion batteries.
Compared with the massive government expenditure of the US policy, Chalmers said Australia’s plan would focus on “not replacing private investment” but attracting more of it. Australia is expected to announce a second consecutive surplus in the budget, with a survey by Bloomberg forecasting an A$11 billion windfall, a global rarity that reflects the nation’s ultra-tight labour market and still elevated commodity export prices.
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