Madeleine King: Future vision ties resources and net zero and growth together

Western Australian has always been one of the main drivers of wealth for this nation. Our modern resources industry creates well paid jobs and helps pay for everything we take for granted. We can thank the resources sector for the continuing strength of our economy, our schools, roads, hospitals and our security. This nation’s future has in large part been built in WA. But the WA resources sector required national leadership to become the success story it is today. Iron ore deposits were discovered in the Pilbara in the 1950s. But exports were still subject to an embargo imposed by the Australian government in the lead up to World War II. Former Premier Sir Charles Court (and Sir David Brand) recognised the immense potential of a WA iron ore industry — not just to his home State, but to the nation — and lobbied for the ban to be lifted. Japanese demand in the 1960s led to Australia’s iron ore export industry boom and growth to the behemoth that underwrites our economy today. The ties that were built on that trading relationship export led directly to Japan investing in the North-West Shelf Joint Venture Project in the 1980s, which opened Australia’s liquified natural gas export industry. Today, INPEX’s Ichthys LNG is one of Australia’s largest projects by investment cost and the single largest investment by a Japanese company outside Japan. Building our future has always needed national leadership and required clear direction on the part of government. Prime minister Bob Hawke opened new trade ties with China. Prime minister John Howard encouraged further foreign investment in Australia’s LNG industry. Prime Minister Anthony Albanese is determined that this Government will drive growth and opportunities for all Australians. The Albanese Government will build a future made in Australia. The Prime Minister has made clear that Government needs to be more strategic, more sophisticated and a more constructive contributor. To anchor this reform and secure this growth, the Albanese Government will create the Future Made in Australia Act which will bring together a package of new and existing initiatives to boost investment, create jobs and seize the opportunities of a future made in Australia. Building this future will need all the strength of the WA resources sector. To achieve our net zero targets we will need more mining and will need to produce more gas in order to build the wind turbines, solar panels and batteries we need to decarbonise. After all, the road to net zero runs through WA’s resources sector. The critical minerals and rare earth industries are perfect examples of sectors that will be crucial to our future, but which need targeted and strategic Government support and direction to succeed. We need critical minerals and rare earths to build renewable technologies and advanced defence capabilities. These resources trade in thin markets that are susceptible to manipulation and international shocks. This Government has acted to support the critical minerals and rare earths industry, directing more support to the sector than any Government before it. Just last month the Albanese Government committed $840 million in loans to the Nolans rare earths project in the Northern Territory. This Government has backed the Kathleen Valley lithium project, the Mt Mulgine tungsten project, the Magnesium Refinery pilot plant in Collie and the Browns Range heavy rare earths project at Halls Creek, just to name a few. Strategic support for other major projects is on the way. This country has unlimited potential. But as always it will need all the help of the WA resources sector if it is to meet that potential. The rest of the world is moving. And this Government is determined to act, too, so that our children can continue to enjoy the lifestyle we all take for granted. If we want to make our future here in Australia, WA will lead the way. Madeleine King is the Federal Resources Minister.