CRITICAL MINERALS STOCKPILE: LABOR’S FALSE ECONOMICS & POLICY ON THE RUN
The Albanese Government has been challenged to release the economic modelling of its so-called critical minerals stockpile following condemnation from Australia’s largest critical minerals miner, Lynas Rare Earths.
Shadow Minister for Resources, Senator Susan McDonald, called for the government’s full modelling to be released after the Chief Executive of Lynas confirmed that industry had not been consulted about the policy, and warned it could undercut the competitiveness of Australian mining.
Senator McDonald also endorsed warnings from Lynas that Labor’s policy would result in “huge quantities of material that either finds a home in our warehouse or finds a home at a lower price elsewhere.”
She re-iterated the Coalition’s call for the Albanese Government to reveal exactly what minerals would be stockpiled that Australia’s allies needed.
“The Coalition has already announced that under a Dutton-led Government, we will expand Australia’s Critical Minerals List to meet the needs of our allies by including minerals such as copper, uranium, bauxite and alumina,” said Senator McDonald.
“Yet Labor can’t say if any of these minerals would be a part of its so-called strategic reserve.
“Labor can’t say what minerals will be stockpiled, where or even how many stockpiles will be created, how much will be spent on creating these warehouses and how much for minerals, how much of each mineral will be kept – let alone how this will help at all in supporting the critical mineral sector and with our strategic interests and trading partnerships.
“Albanese and Labor are making up policy on the run.”
Senator McDonald said the Labor Party policy confirmed that after three years in office, Labor only intended to start discussions with allies after the election with the creation of a “taskforce”.
“Not only have our allies still not been consulted about this policy, but we now have further confirmation that Australian industry still has not been consulted either. It begs the question who did Labor consult with and what economic modelling have they based it on?” she said.
In contrast to Labor’s last-minute haphazard approach to the critical minerals sector, Senator McDonald said the Coalition’s plans to get Australia back on track included a focus on expanding the critical minerals list, which would cement Australia’s reliability and national security credentials as part of the Quad, AUKUS and Five Eyes.
ENDS