Introduction 

Thank you Greg. [Introduced by the Mayor of Mackay Regional Council Greg Williamson]. 

I’d like to acknowledge the traditional custodians of the land where we are gathered, the Yuwibara People, and pay my respects to their elders. 

I would also like to say a special hello to Queensland’s Minister for Resources, Scott Stewart, who is speaking tomorrow.  

I work closely with Scott. Queenslanders and Western Australians stick together.  

He is a strong voice for Queensland and especially Central North Queensland in our Resources and Northern Australia Ministerial Forums. 

Can I also acknowledge the Chief Executive of the Queensland Resources Council Janette Hewson and the Director of the Bowen Basin Mining Club Jodie Currie. 

Janette and Jodie represent the thankfully every growing strong presence of women in leadership roles across the resources sector. 

As the first woman to serve as your federal Resources Minister, it is a true pleasure for me to see the growing number female leaders across Australia’s resources sector.

Thank you for the opportunity to be here today.

It is a pleasure to be speaking at the Mackay Showgrounds. 

Showgrounds like this are dotted all across Australia and serve to bring together our primary industries. 

Showgrounds like this, when located in our capitals, were conceived as a way for the regions to connect with the cities.  

And to remind people in the cities of the value to the economy of our regions and regional centres like Mackay. 

People in Mackay and in Central Queensland understand how important the resources industry is to Queensland’s economy. 

And Queenslanders get the importance of the resources industry to the prosperity of the state and nation. 

Just like Western Australians do.

The Albanese Government gets this too. 

That’s why this Government has put the resources industry at the heart of its policy making. 

After all, the whole country feels the benefits of a strong resources industry. 

But we cannot sit back and expect the good times to continue for ever.

The economy is changing. The nature of global trade is changing. 

We need to change and adapt too so that future generations can enjoy the benefits of the resources sector that we have. 

We can and must do this. 

And we are doing this. 

The Government’s Future Made in Australia plan brings together a co-ordinated package of initiatives with the resources industry as the corner store and the engine room, so to speak. 

We want to help lift productivity, grow high value-added industries, and boost innovation. 

We will seize the net zero opportunities of the next decade. 

Critical minerals and rare earths are central to a Future Made in Australia and the acceleration of the clean energy transition.

But so are traditional resources like the bauxite required to produce aluminium, and iron ore and metallurgical coal needed for steel. 

Aluminium is a critical input used for the frames and fixings of solar panels and wind turbines and in electric vehicles.

Steel is used in wind turbines, solar panels, transmission towers and also in electric vehicles.

And metallurgical coal is still needed to help produce steel at scale.

All of these mineral ingredients build our modern way of life.

The importance of critical minerals

Critical minerals are required for renewable energy technologies such as batteries, solar panels and hydrogen electrolysers. 

Our nation is lucky enough to have these minerals in abundance.

We have the world’s second largest resources of lithium, and the fourth largest of cobalt and rare earth elements.

The government’s Critical Minerals Strategy sets out our objectives to grow the sector, expand downstream processing and contribute to diverse and resilient supply chains. 

As part of a Future Made in Australia, we want to make sure that we do more of the refining and processing of our valuable commodities onshore.

We want to add value and create local jobs in mining and manufacturing.

Australia is bringing together the policy, investment and collaboration needed to make this happen. 

The government is investing billions of dollars to develop Australia’s critical minerals sector.

The Federal Budget was the most significant for the resources industry in a generation.

We are providing $3.4 billion to Geoscience Australia through the Resourcing Australia’s Prosperity program to help locate those new deposits of minerals that will create jobs and wealth. 

This is big. 

This is generational funding for geoscience. 

The program will focus on critical minerals, strategic materials, and ground water, naturally occurring hydrogen or potential sites for hydrogen storage. 

Bigger still is the Albanese Government’s $17.6 billion Critical Minerals Production Tax Incentive, which will provide a refundable tax offset of ten per cent.

It will be available for eligible Australian processing costs and cover all 31 critical minerals currently on the Critical Minerals List.

This is no handout. 

They will only be paid when producers make a value-added product. 

One such company that will benefit here in Queensland is Queensland Pacific Metals, which is developing its Townsville Energy Chemicals Hub project, with the Queensland State Government and Commonwealth Government working together to provide grants worth $16 million to ensure national capability to produce battery grade nickel sulphate and cobalt sulphate.  

Another great example of business working with State and Federal Governments to build a future made in Australia.

Opposition Leader Peter Dutton and Shadow Treasurer Angus Taylor have opposed these production incentives. 

Mr Dutton’s opposition to our production tax incentives is reckless, short sighted and ignores the realities of international market forces and the challenges facing an emerging industry. 

The utter recklessness of not even stopping to consider the tax incentive policy is truly staggering. It’s irresponsible.

The Liberals and Nationals stated their opposition to a game changing resources policy before consulting with industry or before consulting with anyone here in Queensland. 

Remember, this is an industry driven policy. 

I asked the resources sector what the Government could do to shift the dial for the emerging critical minerals sector, and it was production tax incentives that was the answer. 

So, what does this mean to have a Queensland Leader of the Opposition and Queensland Shadow Minister for Resources Susan McDonald opposing this plan? 

It shows a lack of confidence in the resources sector by the Queensland LNP. 

And their opposition to tax incentives will hurt Queensland and Western Australia the most. 

You watch … 

I predict the Coalition will seek to claim savings from opposing this policy to fund their uncosted and unfunded plan to build nuclear reactors across Australia. 

A lonely plan with few friends. 

Production tax credits, on the other hand, have the support of the resources community. 

And that is because the sector has been active in the policy’s development. 

ESG

Environmental, social and governance (ESG) standards are becoming increasingly important to nations around the world.

But while Australian resources are produced to the highest ESG standards, we receive little if any benefit for this.

We saw the very real results of this just two weeks ago when BHP announced it would temporarily suspend its WA nickel operations. 

The BHP decision was personally very disappointing for me. BHP’s Kwinana nickel refinery sits in my electorate and has done so for 50 years. 

Which leads me ask the question …

Is there not a certain hypocrisy in some countries racing to build more EVs, wind turbines, batteries and solar panels with the aim of bettering our world, if the products used to build those things comes from producers with low ESG and worker safety standards. 

This Government is accelerating trade efforts to realise the market premium of these high ESG standards and workplace conditions in critical minerals.

Supply chains for critical minerals and rare earth elements face numerous risks, including high market concentration.

Production is concentrated in a small number of countries outside Australia, making their supply vulnerable to trade disruption.

It is precisely why Production Tax Incentives are so important. 

Supporting traditional resources

I mentioned earlier the importance of traditional resources like aluminium and steel.

Western Australia provides iron ore for steel for about half of the world’s exports.

And as you know Queensland’s Bowen Basin, running inland past Mackay, provides most of our nation’s metallurgical coal exports. In total Australia provides 52% of global exports. 

And I saw all those ship’s lights out there when I flew in last night.

Another great example of how Queensland and WA together are building the great cities of the world!

And both Queensland and Western Australia supply gas to our domestic market and as an export to our region.

Gas is key to the transition to net zero and ensuring energy systems remains affordable, reliable, and sustainable.

The firming qualities of gas will be needed to support increased amounts of renewable energy in the grid.

Gas is also vital to support manufacturing, food processing and refining of critical minerals needed in the energy transition. 

Much of that gas comes from the Bowen Basin of course, and the Surat Basin, also in Queensland.

Australian gas, exported as LNG, is playing a significant role in decarbonising the Asia-Pacific and is supporting energy security in our region.  

We know that our trade partners project strong demand for gas and metallurgical coal over the coming decades. And we must respond.

We will meet the commitments I made to partners like Japan through the Ministerial Economic Dialogue in October last year. 

Australia will keep supplying the resources throughout the energy transition, while we work together to meet our net zero objectives.

The government’s Strategic Materials List includes aluminium, copper, phosphorous, tin and zinc. 

These commodities play an important role in the local and global transition to net zero but are not at risk of supply chain disruption.

Several of these are significant here in Queensland.  

Rio Tinto’s Boyne Smelter in Queensland is Australia’s second largest aluminium smelter. 

And with zinc, we have the Sun Metals Zinc refinery south of Townsville, a subsidiary of Korea Zinc Company Limited.

Sun Metals Refinery is a great example of the value that can be added to Australia’s resources sector here in Queensland and in an environmentally responsible way.

Korea Zinc and Sun Metals aim to produce the world’s first green zinc and is investing across Queensland and the nation in integrated renewable energy such as solar and wind farms. 

To be honest, I was not aware of the remarkable effort to decarbonise zinc refining until I met with Korea Zinc in Seoul earlier this year. 

They are rightly proud of their important resources and renewables projects across Queensland. 

Conclusion

The world is changing fast. 

Australia needs to respond to these changes so we can create jobs and wealth for future generations. 

Our resources industry is key to this. 

Resources have delivered for Australia in the past and will do so into the future.

They have a vital place in our Future Made in Australia plan.

Thank you 

ENDS