Appropriation Bill (No. 1) 2025-2026

Ms MADELEINE KING (Brand—Minister for Resources and Minister for Northern Australia) (18:40): I just want to quickly acknowledge the contribution of the member for Parramatta. I won't repeat it, but I do appreciate his efforts in pointing out the evident cognitive dissonance that persists across the Liberal and National coalition in relation to the Department of Industry, Science and Resources and its budget and what it is endeavouring to do for this country.

We saw the member for Mitchell point out, in the finest traditions of the Liberal Party, how they would clearly rather abandon Mount Isa copper, just as they abandoned the car industry in Victoria and South Australia and just like they abandoned the workers of the BP oil refinery in Kwinana, and no doubt that is just what they would like to continue to do. But that is not what this government will do.

We will continue to deliver on our commitments to Australia, and the budget that we are presenting builds on measures in our government's first term by supporting our industry, science and resources sector. The government is determined to make sure Australia can seize opportunities for new industries and the technologies and investment they bring as part of a global shift to net zero.

We are backing our resources sector and we are backing our manufacturing industries. We will make Australia stronger, at a time of global uncertainty, by developing our critical national assets and by adding value. In my resources portfolio, no Australian government has committed more to strengthen the resources sector.

We have introduced the $17.6 billion Critical Minerals Production Tax Incentive. Of course, the coalition voted against that. That incentive will provide a refundable tax offset of 10 per cent for eligible Australian processing and refining costs for those minerals on the critical minerals list.

We're establishing a critical minerals strategic reserve. That will mean government has the power to purchase, own and sell critical minerals found here in Australia, and it will take more risk out of investment in that all-important sector. Our Critical Minerals Strategy makes it clear that we want to process critical minerals and rare earths here, to boost manufacturing and jobs here at home and diversify global supply chains.

Australia and the world need our critical minerals and rare earths if we are to curb greenhouse emissions and avoid catastrophic climate change. It is really important to understand that these commodities are also essential for defence technologies. Australia and our partners need critical minerals and rare earths to build the latest submarines, the latest aircraft and, indeed, the upgraded Japanese Mogami-class frigates that this government has selected for the Royal Australian Navy.

I am determined and this government is determined to ensure Australia can build our sovereign capability to process those minerals and metals for the benefit of the Australian people but also for the security of our partners in the region. As we know, positioning our resources industry for a brighter, more sustainable future also depends on discovering new deposits, and that's why we've committed $3.4 billion to support one of the finest institutions in this country, Geoscience Australia, through the Resourcing Australia's Prosperity program.

It's literally showing us what this country is made of. It will give us a clearer picture of our mineral, energy and groundwater potential. Now, all of these measures, combined with our extra contributions to the Northern Australia Infrastructure Facility, the Critical Minerals Facility, Export Finance Australia and the National Reconstruction Fund add up to $28 billion of investment by the Australian government in the future of Australia's critical minerals.

On gas, we are currently reviewing the regulations around the gas market. It is a very important body of work in which there is great interest and much participation. We need to make sure there is adequate supply of affordable gas for the east coast so that there is stronger energy security for households and for industry.

We are working on those regulations and the critical minerals reforms in a calm, methodical way in consultation with industry trading partners and all stakeholders. The $15 billion National Reconstruction Fund will continue to invest in firms and projects to drive diversification and transformation across the seven priority areas of the economy. I note the very successful equity investment by the NRF in the Liontown Kathleen Valley lithium mine in the Northern Goldfields of Western Australia—the world's first underground mine of such a magnitude.

It's a remarkable achievement by Liontown, and the NRF has been a very important part of it. The Albanese government believes in Australia, our people and our industry. Our geological endowment, combined with the know-how, work ethic and ambition of our people, is the deep seam from which we will extract our future prosperity.

This will be made possible by this government's policies and by the investments we're making in the budget papers here today. Proposed expenditure agreed to.