Anthony Albanese has been re-elected as Australia’s Prime Minister, with peak mining industry bodies welcoming the news.
The elected Federal Government will now be able to continue its ‘Future Made in Australia’ agenda, which aims to maximise the economic and industrial benefits of the net-zero transition and secure Australia’s place in a changing global economic and strategic landscape.
Other policies set to continue for the resources sector includes:
- establishing a $1.2 billion Critical Minerals Strategic Reserve
- ongoing support for companies affected by recent US tariffs
- allowing eligible entities to claim 10 per cent of expenditure for the processing and refining of Australia’s 31 critical minerals
- $750 million to develop new low-emissions technology
- $2 billion in green aluminium production credits
- $1 billion to boost green iron manufacturing and supply chains.
The Association of Mining and Exploration Companies (AMEC) chief executive officer (CEO) Warren Pearce welcomed Albanese’s re-election.
“We are ready and willing to work constructively with the returned Albanese Government to deliver the minerals and metals critical to Australia’s prosperity and the global energy transition,” Pearce said.
“With a mandate now secured, it is time for action on key policy initiatives that will support long-term investment and drive Australia’s international competitiveness, especially in critical minerals.”
Pearce said AMEC will continue campaigning for the Junior Minerals Exploration Incentive (JMEI) to be sustained.
“You can’t mine what you can’t find,” Pearce said. “The exploration sector is struggling, with investment extremely hard to come by, and this crucial cog in the wheel of mining industry needs clarity around the continuation of JMEI.
“The JMEI is a proven and effective program that stimulates early-stage investment and helps find the minerals in the ground that will power our future economy and net-zero ambitions.
“The exploration industry cannot afford to wait. A clear commitment to the JMEI will deliver a strong signal that Australia is serious about developing its next generation of mining projects.”
The Chamber of Minerals and Energy Western Australia CEO Rebecca Tomkinson said streamlining and accelerating environmental assessments and approvals is key.
“Environmental law reform is long overdue but must deliver on the stated goal of improving outcomes for both the environment and for business,” Tomkinson said.
“The only way to achieve that is through early, open and frequent consultation with all stakeholders.”
Tomkinson said carefully designed policy can help position WA as a trusted supplier of critical minerals and rare earths amid uncertainty around global trading.
“Investors have options. As a nation, we need to start acting like we’re serious about competing for their capital,” Tomkinson said.
“The issues impacting our sector have been clearly articulated. Energy prices are too high and rising. Project assessments take far too long. Australia’s corporate tax settings are uncompetitive. Industrial relations changes have broken the crucial connection between productivity and wages growth.
“Australia is well placed to capture a new wave of resources investment to underpin another generation of prosperity – but that wave will pass us by completely if we fail to get the basics right.”
Fortescue founder and executive chairman Andrew Forrest said he looks forward to working with Albanese to tackle climate change.
“In a turbulent world, Australia remains a strong, principled and pragmatic voice,” Forrest said.
“We must now use that voice to back science, seize the green energy opportunity, and strengthen our role in the world with compassion, ambition and purpose.
“In an era shaped by climate change, fragmentation and strategic competition, Australia has the chance to lead with clarity and resolve.
“The (Federal) Government’s commitments — including the Future Made in Australia plan, the Capacity Investment Scheme, the Hydrogen Production Tax Incentive and the Green Iron Fund — provide a strong foundation for a green energy future.”
