Critical minerals and rare earths sit at the centre of strategic decision making. They are not just commodities: they are strategic assets fundamental to sovereign capabilities that help secure Australia’s future. They underpin our national security and economic resilience. They are essential inputs to technologies that power our economy and defence capability, enable the energy transition and advance the government’s Future Made in Australia agenda.
The global context has changed significantly since government released the Critical Minerals Strategy 2023–2030. Concentrated market power, export controls and geopolitical competition have disrupted supply chains that modern economies rely on. This is reshaping global supply chains around greater resilience, trust, security and strategic alignment. Without secure and diversified supply chains, we cannot deliver the economic resilience, industrial capability and national security outcomes that Australians expect.
Critical minerals processing and refining are highly concentrated markets, and efforts to diversify those supply chains have faced significant commercial, technical and market barriers. When markets are distorted or supply is disrupted, Australian jobs, industries and communities feel the consequences. Governments, including Australia’s, are taking a more active role in strengthening global critical minerals supply chains, both internationally and at home. No single country can overcome these vulnerabilities or meet future demand alone. This makes cooperation with our trusted partners more important than ever.
Australia has an important role to play in addressing these challenges. Our extraordinary geological endowment, world‑class geoscience capability, skilled workforce and strong resources sector position us to help secure and diversify critical minerals supply. As many seek reliable alternatives, Australia can strengthen our role as a trusted supplier and processor.
The Australian Government is stepping up to help diversify markets. Since the release of the Critical Minerals Strategy 2023–2030, the government has backed the sector with significant action. Key activities include:
- legislated the $17.5 billion Critical Minerals Production Tax Incentive, which will provide a 10% refundable tax offset for the processing and refining of critical minerals from 1 July 2027 to 30 June 2040
- committed $1.2 billion to establish the Critical Minerals Strategic Reserve and passed the Export Finance and Insurance Corporation Amendment (Strategic Reserve) Act 2026 to give Export Finance Australia the powers needed to support the Reserve
- expanded the Critical Minerals Facility from its original $2 billion to $5 billion
- strengthened the government’s ability to back strategically important projects, with Export Finance Australia committing over $3 billion towards 5 major projects as of July 2026
- committed $835 million of funding through the Northern Australia Infrastructure Facility to support 5 critical minerals projects
- committed $3.4 billion through Resourcing Australia’s Prosperity to unlock new discoveries and build the long‑term project pipeline
- opened critical minerals pilot and demonstration facilities at the Australian Nuclear Science and Technology Organisation to support processing innovation and onshore value adding
- refreshed Australia’s investment promotion pipeline through the Australian Critical Minerals Prospectus, which showcased 94 advanced, investment‑ready projects across mining and midstream processing
- updated Australia’s Critical Minerals List and introduced a Strategic Materials List to better reflect Australia’s economic, strategic and industrial priorities
- supported strategically important smelters and refineries, preserving industrial capabilities that can enable the recovery of critical minerals as by-products
- committed almost $89 million in grants to 21 early‑mid stage critical minerals projects since 2023, helping grow Australia’s pipeline of critical minerals projects
- established or joined more than a dozen bilateral and multilateral agreements or frameworks with international partners, including joining the G7 Critical Minerals Resilience and Production Alliance to drive new demand and support sustainable new markets for Australian producers to export into
- invested $53 million to establish the Critical Metals for Critical Industries Cooperative Research Centre to accelerate innovation and commercialisation across the sector.
These actions are already delivering results. They demonstrate that Australia is more than a resource supplier. We are a leader and an enduring partner of choice. We are building the capability to capture more value from our resources, support processing, smelters and refining, and help diversify supply chains. Our continued success depends on aligning our critical minerals priorities with the demand from our international partners, as well as across all levels of government.
The next 4 years of the strategy must build on this progress. Global supply chains are being reconfigured, and Australia must stay focused on where we can have the greatest impact. We will prioritise the minerals and supply chain segments that matter most to Australia’s strategic interests. We will focus effort where supply risks are greatest, where partners need reliable alternatives, and where Australia can build capability, capture value and strengthen economic resilience.
This strategy is about turning Australia’s natural advantages into enduring economic, industrial and strategic value. It is about advancing national security, building economic resilience, strengthening sovereign capability and securing Australia’s place as a trusted partner in industries that are shaping the future.