Federal Budget Boosts Mining Sector

The Federal Budget will allow more than $250 million to build stronger regions and strengthen Australia’s critical minerals sector, to become more globally competitive, according to the Minister for Resources, Keith Pitt.

“Australia possesses extraordinary reserves of the critical minerals crucial to many industries, including medical equipment production, defence, aerospace, automotive and agritech,” Pitt said.

$200 million, over five years, will be allocated to the Critical Minerals Accelerator Initiative (CMAI).  This will support early to mid-stage critical minerals projects that align with the Critical Minerals Strategy

$50.5 million, over three years, will be allocated to the virtual National Critical Minerals Research and Development Centre (NCMRDC). This will help to build capability in critical minerals processing, as well as target technical bottlenecks in strategic supply chains, and drive breakthrough collaborative research.

The resources and energy industry already directly employs over 270,000 Australians and export earnings continue to grow, despite the COVID-19 pandemic effects.