Future Gas Strategy ‘resets gas policy’
Federal Resources Minister Madeleine King has framed critical minerals as Australia’s third resources revolution after iron ore and LNG and said gas is needed for its delivery.
Addressing a breakfast event in Perth, the Minister said the iron ore and LNG industries have been job creators over decades, providing opportunities for thousands of Western Australians.
“These industries have seen prosperity flow to our suburbs, and when times have been tough – in the Global Financial Crisis, and the Covid pandemic – it was the workers and companies
of the resources sector that saved our national economy,” she said.
“The development of Western Australia, and therefore the nation, turned a corner when
then Liberal Premier Sir David Brand and his deputy Sir Charles Court realised the immense opportunities of exporting WA’s iron ore to Asia.
“The subsequent opening of Western Australia’s iron ore trade would transform the nation.
“This new trade would build new towns in WA, while our iron ore would build whole cities
across our region.
“It would change the face of our city. It would build trading relationships that would
eventually lead us to create one of the world’s most successful LNG industries. That LNG industry now powers cities, industries and homes across Asia.
“Australia’s continuing success and security is dependent on our State continuing to produce and export iron ore, LNG, and critical minerals.
“Australians understand that our resources industry is the foundation on which our national prosperity is built.
“Just as they understand that without critical minerals – and gas to process them and keep the lights on – our transition to renewables will take longer and will be more expensive.
“I often say that road to net zero runs through Australia’s resources sector. But we might also say that the entire world’s path to net zero starts here in WA.”
The Minister said the Future Gas Strategy was aligned with the Government’s policy to reach net zero carbon emissions by 2050.
“After years of talk, slogans and little action from the Coalition, we have provided genuine policy for the nation’s gas market with our Future Gas Strategy,” the Minister said.
She said the Federal Budget was a historically significant Budget for the future of the economy; “the most significant Federal Budget for the resources sector in a generation”.
It was a blueprint to attract investment, build new industries and create jobs with the Future Made in Australia plan a central pillar.
“The resources industry is the bedrock of the Future Made in Australia plan,” Minister King said.
“The world can’t build the things it needs to reduce emissions, create wealth and invent new technologies without the basic building blocks provided by our resources industry.
“One of the most significant measures announced as part of the Budget was a ten per cent production tax credit worth$17.6 billion over 14 years for all critical minerals to build processing capacity in Australia.
“That is $17.6 billion to grow a future industry. This commitment will help realise the full value of our natural resources to maximise benefits for our nation.
“Another industry to hedge against future challenges.”