Australia has the second largest reserve volumes of lithium in the world, yet only 4% of it is refined or processed in Australia – we send it all offshore.
The resources sector is an Australian workhorse. Past booms have propelled the country forward into prosperity. It’s provided a buffer during downturns. It has cushioned the COVID blow on our national accounts. And it has a vital role to play in Australia’s economic future as part of the evolving demand for global resources. What’s in the Federal Budget 2021-22 for the sector?
The Australian Government announced it will invest an additional $100 million into extending the Junior Minerals Exploration Incentive (JMEI) over the next four years, to the end of June 2025.
Don’t just think iron ore. Australia is truly resource rich – from hydrogen through to lithium and nickel for energy storage, and Rare Earth minerals for computers, smartphones and the aerospace industry.
Largely left to operate on its own, the resources sector has been a stalwart of the Australian economy.