The Albanese government has announced a $1.2 billion plan to establish a strategic reserve prioritising antimony, gallium, and rare earth elements—minerals crucial for clean-energy technologies, advanced manufacturing, and defence systems.
In a joint statement, Treasurer Jim Chalmers, Resources Minister Madeleine King, and Trade Minister Don Farrell said the initiative will secure mineral rights in Australia and on-sell them to meet domestic and international demand, strengthening supply chains for global trading partners.
Rare earths are vital for high-performance permanent magnets used in fighter jets and MRI machines.
Antimony powers household and commercial batteries, while gallium is essential in advanced semiconductors for radar and telecommunications systems.
The $1.2 billion package includes $1 billion from the expanded $5 billion critical minerals facility for transactions, and $185 million for selective stockpiling.
Chalmers said, "In a rapidly changing world, the Strategic Reserve is all about safeguarding Australia’s future prosperity. The world needs critical minerals, Australia has them, and this reserve will help us weather global economic uncertainty while boosting trade and investment."
Legislation is expected this year to expand Export Finance Australia's powers to support the initiative, reinforcing the nation’s role in diversifying global critical minerals supply chains.