Labor pledges $1.2 billion to create a critical minerals strategic reserve

Prime Minister Anthony Albanese is starting the day in Perth, where he's pledged 1.2 dollars to create a critical mineral strategic reserve.

Transcript

00:00Amid a backdrop of ongoing international trade uncertainty, Labor is today announcing it

00:08would set up, if re-elected, this critical mineral strategic reserve.

00:12The reserve would allow the government to purchase, store and then sell critical minerals.

00:18Australia is home to vast stores of critical minerals and the government says that it's

00:22increasingly important to enable both domestic demand to be met, but also the possibility

00:29to ensure these are sold onto trade partners internationally.

00:33The Prime Minister says this would allow the Australian government to deal with international

00:38trade disruptions from a position of strength.

00:42It could also see modest reserves of critical minerals stored on occasion.

00:47Labor announcing $1.2 billion as part of this announcement today.

00:52Labor would spend $1.2 billion on the reserve, which would be operational by the second half

00:58of next year.