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Report
$532 million committed to National Battery Strategy, but no plan yet on how to reclaim supply chain
ABC NEWS (Australia)
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5/23/2024
Battery production will get a $500 million boost from the Federal government as part of a newly released national battery strategy. The funding will be a tax incentive for production, but the details of the scheme remain unknown.
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00:00
Well, the funding is designed to go to companies that are looking to turn raw minerals, critical
00:08
minerals in particular when it comes to batteries, into elements that can be used in batteries,
00:13
be they liquids or solid parts or battery components, or to make entire battery systems
00:19
themselves. So this is around $534 million over seven years that will be spent in some
00:26
kind of tax incentive around production. We don't actually have the exact details yet.
00:31
That doesn't seem to have been determined at this point, but we do know that the government
00:35
intends for it to be some kind of incentive towards production. But the idea is that it
00:41
would move Australia's industrial involvement from simply digging up critical minerals,
00:46
which we do a lot of at the moment. Australia, for example, creates or produces around 45%
00:53
of the world's supply of lithium. But to go beyond that, transform it into materials that
00:59
can be used in batteries and to make batteries themselves, because at the moment Australia
01:04
only has about a 1% share of the value of batteries globally. So this is the government
01:09
trying to transform what Australian industry is doing in this space. On one hand, it is
01:14
about having Australian industry having a place in this big global economic transition
01:20
towards green energy. It's not just domestically that we need more batteries, but globally
01:24
that's needed as well. And Australia could have a big economic opportunity there. But
01:29
it's also about making sure that China doesn't have full control of the supply chain. When
01:35
it comes to batteries, China has something like a 75% share of the market globally. And
01:41
that means not only would that be a great concern in security matters, if there were
01:47
to be a kind of global conflict, or if there were supply chain issues and we couldn't get
01:53
those parts here, but it also means that China has a really significant role in price setting
01:58
when it controls that much of the market. So it is partly about the economic opportunities
02:03
of getting into the renewable energy space, but it is also about national security and
02:08
economic security of making sure that one country doesn't have too much control of the
02:13
market of a critically important piece of infrastructure.
02:16
[BLANK_AUDIO]
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