Thank you, Izzi [Messina] and my thanks to the Territory Government for inviting me to NT Resources Week 2024.

I begin by acknowledging the Larrakia people on whose land we’re gathered here today and pay my respects to their Elders past and present.

I extend that respect to other First Nations people present here, who were Australia’s first miners, mappers and navigators.

I’d like to congratulate Lia Finocchiaro on her election victory and appointment as Chief Minister of the Northern Territory.

The Chief Minister has pledged a strong focus on economic development to build a better future for Territorians, and I look forward to working with her and her team on this shared ambition of the Territory and Federal Government.

I had a good meeting with Gerard Maley, Deputy Chief Minister for the Northern Territory, just over a week ago at the Northern Australia Ministerial Forum in Broome, and I thank the Deputy Chief Minister for his important contributions so soon after taking office.

I would also like to acknowledge the former Government that I have worked actively with as Minister for Northern Australia, including Chief Ministers Natasha Fyles and Eva Lawler; and former Deputy Chief Minister Nicole Manison. 

No matter what side of the political fence you are on up here, everyone is of one mind when it comes to the need to diversify and strengthen the economy of the Territory for the benefit of all Territorians. 

The Albanese Government is working for a strong, economically empowered NT – and we will work closely with the Chief Minister and her team to make it happen.

Because a stronger Territory means a stronger Australia. 

Can I also take a moment to give my sincere condolences to the family, friends and colleagues of Luke Bowen, whose memorial service was held only yesterday.

The Australian cattle industry has lost one of its strongest advocates. 

He will be missed deeply by his family and friends.

Key messages

It’s great to be back in the Northern Territory. 

The home of ancient traditions, artworks and stories spanning more than 60,000 years.

The Northern Territory is home to some of the world’s oldest geology with enormous potential. 

So while the land beneath our feet may be ancient, the Northern Territory is very much the future of Australia. 

A Future Made in Australia made right here in the Northern Territory.

The Federal Government knows that we won’t achieve our ambition for a Future Made in Australia without the extraordinary resources of the Northern Territory and the pioneering spirit of the Top End. 

I believe the Northern Territory is on the cusp of something truly transformational.

I’m not sure all Australians appreciate the potential of what’s before us up here.

The world needs our minerals - particularly our critical minerals and rare earth elements – to make all of the renewable energy technologies the planet requires to reduce carbon emissions. 

And the minerals that the world will need - including a wealth of those critical minerals and rare earths - are found right here in the Territory. 

The Territory has the geology, it is building the infrastructure … and most it importantly … it has the people that I believe will make it the envy of the nation as the world looks here for the resources and energy it needs. 

As the world moves towards a net zero future, the role of resources in driving development in the Northern Territory will become even more important.

We will need more mining – not less – to reach net zero. And we will need more mining to secure our future.

The Albanese Government is backing the Territory to make this future a reality.

By providing funding for essential infrastructure projects.

By granting loans for strategic critical minerals and rare earths projects.

And by providing the policy to drive investment and secure markets. 

What the Albanese Government is doing for the Territory. 

Even before becoming Federal Resources Minister I viewed the urgent development of the critical minerals and rare earths industry as akin to a national mission. 

Our traditional resources such as iron ore, coal, LNG, gold and copper have powered our nation for over half a century. 

These resources have seen us through global recessions and pandemics. 

They have made our economy the envy of the world. 

But in order to set our nation up for the future, we need to invest now in those commodities that will determine the shape our economy for the next century. 

As Minister for Northern Australia I oversee the Northern Australia Infrastructure Facility. 

One of the most important steps I have taken since being appointed to this role is to top up the $5 billion originally allocated to the Northern Australia Infrastructure Facility with a further $2 billion. 

I also set aside $500 million of that sum specifically to support critical minerals projects. 

Extra NAIF funding will mean more support for important projects in the Territory creating growth and many more highly skilled and well-paid jobs. 

The NAIF is supporting transformative projects across the Territory – with nearly a billion dollars in loans now committed. 

These loans are forecast to generate just under $4 billion in public benefit and close to 4,000 jobs.

I recently appointed an independent panel to review the NAIF Act to ensure it is in good shape into the future. 

The Hon Warren Snowdon – someone I suspect you all know well - will serve as chair, with Professor Peter Yu and Dr Lisa Caffery as panel members. 

The Panel have published a discussion paper and are currently seeking submissions. 

I urge you to get involved and have your say on how the NAIF Act can better support our resources sector. 

Earlier this year we saw one of the best examples of how the Albanese Government is using a combination of the NAIF and other funding to support new projects to supercharge the economy of the Northern Territory. 

In March I announced the Government would provide up to $840 million to help deliver Australia’s first combined rare earths mine and refinery for the Arafura Nolan’s rare earths project, north of Alice Springs. 

This is a big deal. 

And it’s a great example of this transformation I talk about taking place in the Territory. 

The project will create over 200 jobs during construction, with over 125 full time jobs ongoing. Importantly the company has committed to a 20 per cent local Indigenous employment.

It will be a first of its kind in Australia and is ambitious step forward for our rare earths and critical minerals industry.

The Nolan’s project demonstrates how important the resources of the Northern Territor are to the world. 

The Canadian Government through Export Development Canada has contributed $300m of financing.

The Republic of Korea through the Korean Export Import Bank is also investing in the project to the tune of $150m and Arafura has secured significant offtake agreements with Korean automotive giants Hyundai and Kia. 

This means that Alice Springs will not only be the heart of our country, but also at the heart of Korea’s ambitions to be a global leader in electric vehicles and technology to sustainably decarbonise the global economy.

This project also has the support of successful businesspeople like Dr Gina Rinehart, with Hancock prospecting taking a ten per cent share in the project. 

Clearly people like Dr Rinehart can see the future of our country is here in the Territory. 

The combination of international Government financing, international offtake agreements, corporate backing and Federal Government loans as well as the game-changing Production Tax Incentives for Arafura will position Australia as a global leader in the ethical and sustainable manufacturing of rare earth elements. 

Middle Arm

One of the Federal Government’s most significant investments in the Northern Territory is at Middle Arm, where we have committed $1.5 billion to support the creation of common user industrial park. 

I have seen a lot of misinformation about what Middle Arm is or is not.

I note that a lot of that misinformation appears to come a long way away from here. 

Darwin is the only capital city without a major mixed use industrial precinct. 

From my experience, this project also enjoys bipartisan support between the major parties in the Northern Territory and Canberra. 

The Middle Arm industrial precinct will be the biggest, most transformative industrial development in Darwin's history.

Middle Arm will open up the Territory and draw in new investment.

Commonwealth funding will help build common use infrastructure that support industries critical to meet our commitment to net zero. 

The proposals being progressed by NT Government include a hydrogen facility using solar energy, green ammonia production, critical minerals processing for use in energy storage batteries and pre-cursor battery materials, and the manufacture of these products.

These projects will provide significant economic benefits and an estimated 20,000 jobs in the Territory.

Good transport links to Middle Arm will be needed maximise the precinct’s economic potential.

This is why we are also investing $440 million to support Regional Logistics Hubs connecting the Katherine, Alice Springs, and Tennant Creek regions to Middle Arm.

A Future Made in Australia

Australia is the world’s largest producer of lithium, the third largest producer of cobalt and the fourth largest producer of rare earths.

As it stands however, many of these minerals are shipped offshore where they are processed then sold as refined materials for substantial profits. 

It is essential we do more to support our critical minerals and rare earths mining and processing industries here in Australia. 

The Albanese Government is not Robinson Crusoe on this point.

The US Government and other partners like Japan and Korea are all becoming more vocal in urging Australia to move further down the value chain in critical minerals and rare earths to secure supply chains. 

The Albanese Government is growing Australia’s downstream processing capacity. 

A strong critical minerals and rare earths industry is critical to reducing carbon emissions. 

But in a time of increasing strategic challenges, critical minerals and rare earths also essential to national security. 

We can’t make wind turbines, solar panels and batteries without critical minerals and rare earths. 

But equally, we can’t make submarines, night vision goggles and modern military aircraft without these resources.

The Future Made in Australia policy, announced as part of this year’s Budget, will leverage our resources industry, creating jobs and ensuring economic prosperity for our future. 

As part of the Future Made in Australia plan, I was very proud to secure a $17.6 billion Critical Minerals Production Tax Incentive, which will provide a refundable tax offset of ten per cent for eligible Australian companies.

This industry-led initiative will promote investment into our emerging critical minerals processing industry and ensure we are able to realise the full value of our natural resources.

Positioning our resources industry for the future is contingent on discovering new minerals deposits.

But as many of you will know, early-stage exploration is technically challenging and expensive.

This is why the Albanese Government is also providing $3.4 billion to Geoscience Australia through the Resourcing Australia’s Prosperity program to help find those economy-making discoveries to support future generations of Australians. 

Conclusion

As the world changes and as economies change, we will need more mining, not less. 

The Albanese Government is supporting new developments across the Territory to help find new deposits of minerals and grow those projects that are underway to create jobs and prosperity.

Not just for the Territory, but the whole country. 

A future made in Australia starts here in the Northern Territory.