An Albanese Labor Government will expand Australia's mining science technology capability, create jobs and ensure a greater share of our raw materials are processed in Australia, through Labor's $1 billion Value-Adding in Resources Fund.
This will be part of Labor's $15 billion National Reconstruction Fund.
Australians, and particularly Western Australians, know how important the resources sector is to Australia's economy. It produces thousands of well-paid jobs and keeps our economy humming. But we can do more to ensure Australia is capturing the full value of the sector, and turning that into Australian jobs.
Australia's resource and energy export earnings are expected to reach a record $425 billion in 2021-22. Currently, most of these resources are processed overseas - meaning we miss out on jobs and economic opportunity.
Rather than just pulling resources out of the ground and selling them overseas, this Fund will help us process them in Australia, capturing more value for our economy and creating jobs here.
Australia's rare earths and critical minerals present an unmissable opportunity to develop a bigger resources industry, on top of our existing base, and expand our mining science technology capabilities.
Australia has the potential to support the development of local critical-mineral processing and specialty battery manufacture here.
An Albanese Labor Government will deliver $1 billion in investment through loans, equity and guarantees for businesses in resources value-adding and mining science. This has the potential to unlock more investment through partnerships with institutional investors.
Harnessing our world class resources industry to create higher value-added products is the key to fostering Australian jobs by diversifying the products we export and the markets we export to.
Quotes attributable to Anthony Albanese:
"Labor knows the value of resources jobs, and we are firmly focused on a bigger future for the industry. Thanks to Labor's $1 billion Value-Adding in Resources Fund, we will capture more value from the resources sector here, and create more Australian jobs."
Quotes attributable to Richard Marles:
"Labor will bring jobs home and make more things here in Australia. Value-adding to our resources here, rather than shipping them straight overseas, is one of our aims. Only Labor will deliver this boost to our mining sector and mining jobs."
Quotes attributable to Madeleine King:
"The resources industry provides our nation with good jobs - but we have a unique opportunity to develop new resource-related industries here in Australia. I couldn't be more proud that the Leader of the Australian Labor Party is announcing Labor's Value-Adding in Resources Fund in the West today. Only Labor will deliver the funding needed to seize the opportunities ahead."
Quotes attributable to Ed Husic:
"Refining and processing activity onshore means more jobs along with a big commercial boost for the nation. Only Labor will develop the mining science technology sector, and deliver these jobs for Australia."
