I begin by acknowledging the Ngunnawal and Ngambri peoples, the Traditional Custodians of the land on which Parliament House stands.

I pay my respects to their Elders past and present, and extend that respect to all First Nations people here today.

I’d also like to acknowledge:

• Innes Willox, CEO of the Australian Industry Group; and
• Members of the Ai Group board.

Thank you to Innes and his team for bringing us together for this important event.

It’s great to be here among people who are central to building Australian prosperity. I understand you’ve already heard from a number of my colleagues, and that you’re planning to dine with the Treasurer this evening.

I’m also aware that my department’s Secretary, Meghan Quinn, is speaking directly after me, so hopefully she can vigorously confirm or gently correct my remarks today!

We’re meeting at a time of profound global and domestic change:

• Australia is navigating the biggest transformation in our energy system since electrification. AND
• Global demand for commodities, critical minerals, low-emissions technologies and energy security is rising rapidly.

Government and industry must work together to continue shaping Australia’s economic future.

Today, I want to sketch a picture of where Australia is headed under the Albanese Government:

I’ll begin with energy – because without reliable, affordable energy, we can’t power a single factory, let alone a national industrial revival.

Australia is on the road to Net Zero.

And gas will remain critical to those commitments.

The Australian Government has several levers at its disposal to address forecast shortfalls.

The biggest is the Australian Domestic Gas Security Mechanism – a national measure to restrict gas exports.

For the East Coast specifically, there’s the Heads of Agreement with LNG exporters and the Gas Market Code.

But, as we know, there’s no substitute for real, sustained investment leading to greater supply.

That’s why implementing the recommendations of the Future Gas Strategy remains one of the Albanese Government’s highest priorities.

As you all know, and the Strategy reinforces, gas is vital to our industry and economy.

Without secure and affordable gas, Australian industry like you all here can’t thrive.

The Future Gas Strategy outlines a clear, sensible pathway to Net Zero, while still maintaining reliable gas supply.

New offshore and onshore developments are progressing across Australia and will bring much needed new supplies to the West Coast, Northern Territory, and East Coast markets over the coming years.

This government is also committed to striking the right regulatory balance.

We have commenced a review of Australia’s gas market regulatory framework (the Gas Market Review) and we’re working with producers and users to improve transparency, pricing, and supply certainty.

The Review is an opportunity to create an environment amenable to growing investment, expanding supply, and ensuring businesses and households can meet their energy needs.

The Australian Government remains committed to working in partnership with states and territories, AEMO, and industry to secure long-term access to affordable and reliable gas – while also ensuring that we can continue serving global needs.

Last year, Australia accounted for a fifth of global LNG trade.

So, it is of vital importance that more people understand that Australian LNG is critical to our regional trading partners’ decarbonisation.

This is why the Future Gas Strategy affirmed Australia’s commitment to remaining a reliable trading partner for energy, including LNG.

I’ll turn next to resources, in particular the challenges and opportunities for critical minerals and rare earths elements.

The Net Zero transition, the defence industry and modern technology are all creating huge demand for the critical minerals Australia holds in our geology.

Lithium, cobalt, manganese and heavy rare earths aren’t just commodities – they are strategic assets which can advance Australian interests.

We want to mine, process, concentrate and refine critical minerals and rare earths, and ultimately manufacture more of their resultant goods right here.

And there’s a lot we’re doing to ensure that happens.

We have invested in massive initiatives such as:

• $17 billion Critical Minerals Production Tax Incentives, and
• $3.4 billion for our Resourcing Australia’s Prosperity program so Geoscience Australia can explore and provide precompetitive data.

Combined with the contributions of the:

• Critical Minerals Facility,
• Export Finance Australia,
• the National Reconstruction Fund and
• the Northern Australia Infrastructure Facility,

that all adds up to a $28 billion investment in the future of Australian resources.

No government has committed more to this sector. But of course it will be industry like you here today that will be doing all the work.

Take for example, Coogee Chemicals in Kwinana. This company knows that minerals processing is also a chemical processing story.

And building a critical minerals and rare earths refining industry will need the inputs and expertise of groups like Coogee chemicals.

The Albanese Government has committed to having a Critical Minerals Strategic Reserve up and running by the end of next year.

We have already held consultations with parts of the industry and will be doing more. We need the expertise and experience of industry to get this right.

And finally, the rare earths and critical minerals mined and processed in Australia will increasingly be used in defence and security applications.

For example, the submarines to be maintained at Henderson and based at HMAS Stirling will use hundreds of kilograms of rare earths elements.

It makes sense that we should supply the rare earths elements that go into our next generation submarines.

Last month the Government announced that shipbuilder Mitsubishi Heavy Industries had won a $10 billion contract to build the Australian navy's new frigates.

Many of the combat systems in those frigates will use critical minerals and rare earths mined and processed here in Australia.

And there is the workforce challenge - As part of AUKUS, the government is committing millions to boost local skills and provide the training necessary for a home-grown, highly skilled workforce.

As my Ministerial colleagues and I have said many times: we want a Future Made in Australia.

But the success of our efforts to build that future will depend on the effectiveness of our collaboration with industry.

Through the right mix of policy certainty, investment, and partnership, government can lead this transformation.

We are listening to industry’s voice on important issues such as regulatory reform, energy policy, and investment conditions.

The Albanese Government is committed to building that future together with each of you here.

Thank you.