Australian Treasurer Jim Chalmers has stated that the country's budget, set to be released on Tuesday, will include a significant boost for the critical minerals industry. The budget aims to strike a balance between containing inflation and investing in Australia's economic future. The critical minerals industry is a key part of Australia's push to capitalize on the global green energy revolution. The government's Future Made in Australia program will focus on stimulating high-tech and green manufacturing through tax incentives and targeted grants. The budget is expected to announce a second consecutive surplus, with a forecasted windfall of AUD 11 billion. However, a weaker outlook for China, Australia's largest trading partner, poses a threat to economic growth. Chalmers stated that the budget would forecast China's GDP growth to remain between 4% to 5%, but also highlighted the potential of fast-growing markets in the ASEAN region as an opportunity for trade and growth.
In a recent interview, Prime Minister Scott Morrison discussed various topics including the COVID-19 pandemic, the economy, and the upcoming federal election. Morrison highlighted the government's response to the pandemic, including the vaccination rollout and economic support measures. He also addressed concerns about the vaccine supply and the importance of getting vaccinated. Additionally, Morrison talked about the government's plans for economic recovery, focusing on job creation and infrastructure projects. He emphasized the need for a strong economy to support essential services and improve living standards. Regarding the federal election, Morrison expressed confidence in his government's track record and outlined the key issues that will shape the campaign. He discussed the government's achievements in areas such as tax reform, national security, and energy policy. Morrison also acknowledged the challenges ahead and the need for continued leadership and stability. Overall, the interview provided insights into the Prime Minister's perspective on important issues facing Australia.
The Australian federal government plans to introduce the Future Made in Australia policy, which will spend over $22 billion over 10 years to boost investment in renewable energy and critical minerals. The strategy aims to safeguard Australia's control over its resources and revive the country's manufacturing base. It will also invest in emerging industries in the renewable energy sector as the global economy shifts towards net-zero emissions. The legislation will establish a national interest framework to oversee funded projects, which must ensure safe and well-paid jobs, community engagement, strong supply chains, and skilled and inclusive workforces. The government will need the support of the Greens and crossbench to pass the reforms, as the coalition has signaled opposition to the plan. [68f40d3d] [3f475e23] [9ca2c90c]